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Internet Banking Popularity

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Question: 
Is there data available as to what percentage of checking account holders opt for internet banking/bill payment ? I'm looking for a benhmark against which to measure my experience.
Answer: 

Coming up with a standard adoption rate benchmark would be quite difficult because adoption rates will differ from one institution to the next based upon such factors as:
-- the availability of dependable local Internet access. The longer local access has been available, the more comfortable customers will be with the idea of online banking transactions;

-- customer base demographics. If a bank's customer base is highly mobile (such as university students, military personnel, etc.), it's likely to have a higher adoption rate. Better educated customers will also have a higher adoption rate;

-- pervasiveness of ATMs and branches and convenience of hours of operations. Banks with large numbers of ATMs and branches with convenient hours of operations may provide sufficient access to banking service that interest in online offerings is diminished.

Talk to your software vendor to see if they can provide stats for similarly situation financial institutions.

At any rate, customer patterns are shifting and a higher adoption rate will certainly be noted in the future. If you look at the shift in postal use alone since September 11, for example, you can see how quickly such shifts take place. According to the USPS, overall mail volumes dropped some 2.8 billion pieces (or 5.5 percent) for the quarter (Sept. 8 - Nov. 30) was $15.4 billion below the same period last year. That marked the single largest quarterly mail volume decline in recent history.

First published on BankersOnline.com 2/4/02

First published on 02/04/2002

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