Online Banking Winning New Fans
Almost 30 million American homes will be banking online by the end of 2003 and the number is expected to almost double over the next five years, according to new forecasts from Jupiter Research.
Internet banking is growing in popularity as consumers put aside security concerns and embrace the convenience and time saving advantages of online services. Nielsen//NetRatings calculates that the number of US adults conducting banking transactions over the web has increased by almost 80% over the last two years (see Online Banking Paying Dividends, Says Report).
Jupiter estimates that there will be 29.6 million online banking households in the US this year, rising to 35.3 million in 2004. The growth rate will remain steady over the next few years with the total reaching 56 million in 2008.
eMarketer offers a more conservative outlook, predicting that the number of US online banking homes will increase from 27.8 million this year to 43 million in 2007 (see Half Of Online US Homes To Use Internet Banking By 2007).
| US Online Banking Household Forecasts | |
| Year | Homes (m) |
| 2003 | 29.6 |
| 2004 | 35.3 |
| 2005 | 40.9 |
| 2006 | 46.2 |
| 2007 | 51.3 |
| 2008 | 56.0 |
| Source: Jupiter Research, November 2003 | |
