Financial Institutions See More Visits From the Online Customer

Craig  McLaughlin

August 13, 2007

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Clearly the ability to access accounts online is changing the way and frequency with which customers are accessing their banking accounts. Gone are the days of the monthly statement and waiting in line at the bank twice a month to do banking.

Today’s customers are online savvy and their expectations are changing– and it’s not just the Gen-Y crowd that is adopting this new way of way of doing their banking. Customers are coming in contact with their financial institutions at a higher rate than ever. A recent comScore survey found the following:

Growth in Online Customer Visits
Total U.S. – Home/Work/University Locations
Source: comScore Credit Card Solutions Benchmarker
Year Total Customer Visits
(Billions)
Percentage Change
vs. Year Ago
2005 2.31 55%
2006 3.62 57%
Specific E-Servicing Activities that are Important to Consumers
Total U.S. – Home/Work/University Locations
Source: comScore Q2 2007 Credit Card Survey
E-Servicing Activity Percent of Responders for Whom
E-Servicing is Important
Viewing Online Statements 83%
Making a payment (pay your credit card bill online) 77%
Disputing a charge 62%
Number of Credit Card Bills Paid Online at Issuer Site
Total U.S. – Home/Work/University Locations
Source: comScore Credit Card Solutions Benchmarker
Year Credit Card Bills Paid Online
(Millions)
Percentage Change
vs. Prior Year
2005 414 37%
2006 524 27%

The online channel is quickly becoming the preferred channel for connecting and doing business with financial institutions. The online channel will touch more customers than all of the brick mortar touch points combined. It’s the best place for our clients to generate customer satisfaction and proactively market new products and services. This trend presents an entirely new set of challenges for the institutions that have historically competed as high-touch and relationship oriented.