Consumer Payment Card News

Online Banking: So New School

Grandfather on cell phone doing his banking

Grandfather on cell phone doing his banking

Getting paper bank statements, phone calls from the bank or making a trip to the bank — is, well, so old school.

American’s lovefest with online banking is growing day-by-day as a new study shows 84% of U.S. consumers now perform banking activities to manage their account information using their home computers or mobile devices, of these 69% only use their computers to do so.

The recent Mercator Advisory report says online banking is pervasive, and consumers are increasingly receiving alerts from their financial institutions and accessing online banking websites by mobile devices when they are on the go. 

 Consumers are beginning to rely more heavily on online banking as their digital “branch” or banking source for managing their accounts and for customer service. Online and mobile banking are the fastest growing methods used by consumers to communicate with their financial institutions.

Online banking is becoming critical and the preferred source to learn about new financial products and services, as Mercator Advisory Group’s survey finds that over half (53%) of consumers prefer to be notified electronically, mostly by email (36%) and more than in person (26%).

BEST ADVICE: If You Are Paper-Based – Change Schools!!!!

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