Statistics, Facts, & Such
Transaction volume was 60% lower than normal at grocery store branches over the New Year's weekend and 17% lower on Monday morning.
Mr. Dishart, Mellon Bank, American Banker, January 4, 2000
The U.S. banking industry spent an estimated $9 billion updating computer systems for 2000, and were ready six months in advance. The 13 U.S. banking companies that spent the most on year-2000 compliance reported an aggregate amount of $3.4 billion through the third quarter of 1999 - Citigroup topped the list with $950 million.
American Banker, January 3, 2000
8% to 10% of the time, customers can't use an ATM on their first attempt because they make a mistake such as entering the wrong pass code, trying to withdraw money they don't have, or accessing the wrong account. 10% of all credit-card transactions fail because of equipment breakdown, shoppers being over their credit limit, or a mistake by the user.
The President's Council on Year 2000 Conversion Benchmarks, December 13, 1999
Merchants bear an estimated 88% of total digital fraud losses and will likely continue doing so.
FinancialDNA, Nov. 17, 1999, Press Release
Payment of bills by Internet was introduced ten years ago. The latest study says 25 million U.S. households will be paying their bills online by 2003. Most of the payments (83%) will go to telephone companies, public utilities, and financial services firms, which will spend about $1.4 billion on Internet Bill Payment & Presentment technology in 2002.
Internet Research Group Study, release 11/16/99
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 2, 2/00
First published on 02/01/2000