Online Banking Ranks #1 With Consumers

An increasingly digital lifestyle has left most consumers conducting banking tasks outside of the traditional brick and mortar branch, whether via a mobile device or online banking. Intuit Financial Services’ 4th Annual Financial Management Survey echoed this sentiment as 27 percent of respondents said they only physically go into their bank or credit union once a month, excluding ATM visits.

Correlating with fewer branch visits, the percentage of consumers using online services provided by their bank or credit union continues to increase year-over-year; up 11 percentage points since 2009 to 38 percent in 2011. Not only are consumers utilizing online banking at a faster rate, they are placing a stronger emphasis on these tools. One-third of respondents said they would switch financial institutions for better online banking tools, showing the growing need for financial intuitions to provide a strong online suite of tools to customers and members.

Are you seeing a decrease in branch visits at your FI? Are your customers and members beginning to utilize online banking tools at a faster rate? Let us know in the comments section below, or Tweet @Bankingdotcom.

Nearly One Quarter of Americans Utilize Mobile Banking

Mobile continues to grow in popularity as consumers embrace a lifestyle that allows them to be connected on-the-go. For consumers using a smartphone with Internet browsing capabilities and apps, the possibilities to connect are endless. You can now pay bills, shop, peruse apartment listings and apply for jobs from the palm of your hand.

Intuit Financial Services’ 4th Annual Financial Management Survey found nearly one quarter (23 percent) of consumers are using a mobile device for banking needs and an additional 17 percent plan to try mobile banking in 2012. Of the respondents who use mobile banking, 65 percent access their bank or credit union account through the Web/Internet, while a little more than one quarter (28 percent) use a mobile application.

Similar to findings reported earlier this week from comScore, it is clear mobile banking adoption is directly linked to Smartphone adoption. Analyst firm IDC mentioned they have been predicting that smart phone growth in 2012 would exceed the feature phone, noting “in addition to more people having smart phones, banks’ awareness campaigns have also helped drive mobile banking adoption.”

Do you use a smartphone to access mobile banking? If so, do you use the Web/Internet or an app provided by your bank or credit union? If you’re an FI, how have you been driving mobile banking adoption? Let us know in the comments section below, or Tweet @bankingdotcom.

Will Bank Transfer Day Prevail?

As news rolls in regarding rising debit fees, numerous consumers across the country are voicing their opinions and putting their money where their mouth is. Encouraged by movements such as Occupy Wall Street and Bank Transfer Day on November 5th, bank customers are re-evaluating how and where they manage their money. So how are consumers really reacting? Intuit Financial Services’ 4th Annual Financial Management Survey polled 1,000 consumers in October to get a pulse on consumer’s attitudes. Below is a graphic outlining the findings:

Are you a loyal FI member, or do you plan to switch due to new fees? If you work at an FI, what are you doing to deepen relationships? Are you planning to charge new service fees?  Let us know by Tweeting @bankingdotcom or leaving a comment below.