ComScore: Online Banking Continues to Grow; Customers Want More Services

By April 21, 2009 1 comment

The number of people using online banking continued to grow through 2008’s economic woes. ComScore attributes this to banks’ aggressive customer-acquisition strategies and a heightened financial awareness among customers. Online banking had the same growth in Q4 2008 as it did in Q4 2007, .09 percent. Establishing a baseline in online banking growth is difficult according to comScore’s stats, as quarterly results fluctuated from quarter to quarter in 2007 and 2008. While the average quarterly growth was 2.06 in those two years, three of the eight quarters had the same growth of .09


Q3 2007 is the only quarter where growth declined, dropping .09 percent.

Customer satisfaction in banking and credit card services has remained stable since 2007, but, not surprisingly, the amount of customers reporting “high satisfaction” in brokerage firms has dropped from 70 percent in 2008 to 58 percent in 2009.

The final part of comScore’s report examines the services customers most want in online financial tools.

63 percent want free identity theft services, 52 want free credit-monitoring services, 37 percent want personal financial services management, 30 percent want chat/IM, 27 percent want widgets and 20 percent want a blog.

Of the 37 percent of respondents showed a strong interest in online personal financial management tools, about half were willing to pay for them.

“That customers are asking for more services to help them manage their personal finances during these economically-challenging times is a positive sign for banks,” said comScore senior director Marc Trudeau.

“It’s clear that most customers are paying close attention to their personal finances, and, consequently, for the banks that step up and provide customers with the tools they’re requesting, it’s an opportunity to both cultivate and solidify customer relationships and to potentially drive incremental revenue as well.”

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1 Comment

forrester and pew are showing very different results

Submitted by bill townsend (not verified) - on June 30, 2009 at 12:07 pm

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