More Consumers Banking on Online Bill Payment

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Online bill payment has increased 26 percent since 2003, a report on online banking released today found.


Also, consumers are more satisfied with the online banking experience, according to "Online Banking: Customer Satisfaction and Its Implications for Building Loyalty and Influencing Behavior." Data for the report were compiled by Forbes.com and Foresee Results.


Customer satisfaction with online banking rose 5.5 percent since 2003, the last time the study was done, with customers who pay bills online reporting higher levels of satisfaction than consumers who conduct online banking but who don't pay bills electronically.


Other findings include:


· Customer satisfaction with online banking had a score of 77 while the score for banking in general was 75.


· The likelihood that those who conduct banking online will buy additional products and services via other channels rose 2 percent.


· A gap exists between those using online banking and those who don't regarding privacy issues. Among consumers who use online banking, customer satisfaction involving privacy had a score of 80, a 7 percent increase from 2003. Among prospective online bankers, 34 percent cited privacy as a barrier to signing up. For people who describe themselves as "not at all interested in banking online," 68 percent cited privacy as the reason.


· People using online banking report the highest levels of satisfaction for the content and functionality of banks' Web sites. The lowest score was given to the process of establishing bill payments.


· Customers who pay bills online are more likely to buy additional services and recommend a bank's Web site than online bankers who don't pay bills electronically.


· 87 percent of customers who pay bills online visit their bank's site at least weekly while 41 percent visit the site daily.


Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters


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