In the age of laptops, cell phones and 24-7 connectivity, many consumers have begun using online tools to complete day-to-day tasks such as paying bills or grocery shopping. With such a vast array of online tools available, Intuit Financial Services wanted to gain insight into how consumers manage their finances via online and mobile banking.
The Third Annual Online Financial Management Survey found that more than one-third of consumers now use online banking tools provided by their financial institution to manage finances, a growing trend that stood at only 27 percent a year ago. The growth of online banking tools has given consumers a reason to evaluate their financial institutions offerings:
- 52 percent of survey respondents said they would leave their current financial institution for one that offers better online financial management capabilities.
- Nearly half of all respondents said they’d already switched banks or credit unions recently, and one-third of them switched because their financial institution did not provide satisfactory online solutions.
- More than 25 percent have also cut back on visits to their local bank or credit union branch to just once a month, indicating that financial institutions are offering viable online solutions that are able to meet customer needs and deepen banking relationships.
However, despite the shift towards and expressed desire for more online solutions and services, 50 percent of Americans still use paper checkbook registers and spreadsheets to manage finances. This presents a great market opportunity for financial institutions to evaluate and implement new online tools and offerings to capture new market share and customers.
Among people using online solutions at their financial institutions, Intuit’s survey also found that:
- 84 percent feel that most important feature is the ability to pay bills and manage all their finances in one place, regardless of where their account is held.
- 60 percent pay bills and transfer funds.
- Nearly half express interest in using tax preparation tools through their financial institution Website.
- Approximately one in five banking customers currently use mobile banking solutions to manage their finances.
Which of these statistics do you find most relevant to your financial institution? Let us know in the comments section below. Over coming weeks, we’ll provide you with more in-depth analysis of the survey findings, including a deeper dive in mobile adoption and customer loyalty.
For more information on the survey, visit the Intuit Press Room.