Growing Number of US Households Banking Online

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Growing Number of US Households Banking Online
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According to Online Banking Report published by Financial Insite, the number of US households banking online and/or paying bills online will grow from 20% in 2001 to 33% by 2005.

The Report also presents estimates for actual number of households represented by the percentages and notes that there were 20 million households conducting online banking and/or bill payment in September 2001. Online Banking believes this number should rise to between 24 million and 25 million in 2002.

In March 2001, the ABA Banking Journal estimated that only 0.6% of US consumer banking was conducted online in 2001. However, the ABA predicted the total would grow to 17.6% by 2005.

First published on BankersOnline.com 5/13/02

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