Online Banking Paying Dividends, Says Report
The number of people conducting banking transactions over the internet has increased by almost 80% over the last two years, according to a new report from Nielsen//NetRatings.
Online banking grew 32% between the autumn of 2001 and autumn in 2002 and by 36% in the past year, reflecting better services and a rise in consumer awareness.
“The incremental growth for online banking speaks directly to the success financial institutions have had in transitioning customers from traditional banking channels to the internet,” said Patrick Thomas, senior internet analyst at Nielsen//NetRatings.
“Migrating consumers from offline branches to online services not only keep costs in check, but also creates a more user friendly and streamlined experience for clients. Who wants to spend their lunch hour in line at a teller window or drive through? With a few clicks of a mouse people can check deposits, pay bills or even submit a loan application,” added Thomas.
Internet banking has also proved popular on this side of the Atlantic and it is estimated that the number of Britons using online banking services will reach 11.5 million by the end of the year (see Britons Cash In On Online Banking).
