Online Banking Numbers Reflect Slowing Growth - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


Online Banking Numbers Reflect Slowing Growth

The most recent quarterly numbers are low, but year-to-year the number of online banking customers has grown by 27%, a Web metrics firm says.

The number of online banking customers grew by 3.1 percent in the fourth quarter last year from the previous quarter, representing the lowest sequential growth in three years, a Web metrics firm said Monday.

Year-to-year, the number of online banking customers grew to nearly 40 million during the quarter, a 27 percent increase over the same period a year ago, ComScore Networks said. Usage of online bill payment services grew 36 percent during the same period.

Nevertheless, the quarter-to-quarter number indicated a slowdown.

"It is clear that adoption rates are slowing," Serge Matta, a director at ComScore, said in a statement.

Bank of America led the industry in bank bill payments. Its 5.1 million active customers accounted for more than half of the industry's total number of bills paid online through banks in the fourth quarter. Citibank, however, has the highest percentage of customers who bank online at 37 percent, followed by Bank of America, 34 percent.

Incentives and easing security concerns were the primary drivers behind customers adopting online banking. Fully 33 percent of online customers surveyed by ComScore said free banking products were an inducement, and 23 percent said they felt more secure about online banking than they did before.

Washington Mutual's free-checking campaign helped attract the most new enrollees in the quarter. The bank signed up 43 percent more customers than in the same quarter a year ago.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
2021 Outlook: Tackling Cloud Transformation Choices
Joao-Pierre S. Ruth, Senior Writer,  1/4/2021
Enterprise IT Leaders Face Two Paths to AI
Jessica Davis, Senior Editor, Enterprise Apps,  12/23/2020
10 IT Trends to Watch for in 2021
Cynthia Harvey, Freelance Journalist, InformationWeek,  12/22/2020
Register for InformationWeek Newsletters
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
White Papers
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll