A couple of decades ago, the most advanced technology used by most folks in terms of their banking was the use of an Automated Teller Machine. The fact of the matter is that the Information Age has impacted the realm of banking and financial services just as significantly, if not more so, than many other industries. According to a study recently released from Intuit Financial Services, more than a third of all Americans are using online banking to manage their finances. This represents a significant rate of growth, as it is up around six percent from just one year ago. Online banking is catching on, and its catching on in a big way.
A financial institution selling point
One of the things revealed in this study is that customers look for online banking options as a part of their financial institution choice process. More than half of the customers in the survey said that they would switch banks if there was one available that offered them better money management capabilities. The proof is in the actual numbers, as half of those that responded also said they switched banks recently. Of those, a third switched because their bank didn’t offer enough in the way of online banking solutions.
Another revealing point came from this survey, as well. More than 80 percent of people said that the ability to pay their bills and manage their finances in one place via an online banking system is the most important feature of their bank. About half of them also wanted tax preparation tools from their financial institution, as well.
Banking on the go
Mobile banking has changed in recent years from voice-based telephone banking systems to online banking systems that support smartphones. About 20 percent of respondents in the survey said they use their mobile device for banking purposes, and many more said that they would like to be able to do so.
The fact of the matter is that we’re living in a transitional time. Old ways of doing business are falling by the wayside, and like other industries the banking community needs to keep pace with those changes or they’ll find themselves sadly behind the curve.