While the media, analysts and other industry observers all devote enormous amounts of time and attention to mobile banking and mobile payment developments, of which there seem to be new several new ones each day, there’s a quieter channel change going on that’s received little attention. That is the growth in online banking.
Consumer research conducted recently by Novarica found that not only are 38 percent of the U.S. population avid users of online banking services (versus the 12 percent to 18 percent of mobile banking users, depending on whose estimate you go by), but the number of people who prefer to use the online channel for basic banking transactions has grown around 30%. Online banking is now the go-to destination for 70 percent of Novarica’s survey respondents when researching products and for 68 percent when checking account balances. Sixty percent of consumers prefer to transfer funds online, again more than any other channel. For those of us old enough to remember 1995, when Security First Network Bank opened the first internet-based bank and got the stalled online banking movement moving, these numbers are high.
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