Use of Online Banking in the US Declining?
In spite of the satisfaction of users transacting with banks online, a study shows that the number of Americans logging into online banking sites have decreased.
Data from the fourth quarter of 2007 conducted by comScore shows that 47.3 million users of online banking services, showing a small amount of growth compared to the same quarter of the previous year. However, from the second quarter of 2006 to the third quarter, data shows that the number of customer transactions have decreased nearly one percent, the lowest decline recorded in five years.
The most likely reason of the decline in online banking transactions is probably due to the increase of popularity of mobile banking, where banking transactions can be done with the use of a mobile phone. This can be backed up by a survey that says majority of users who transact their banking needs over the Internet are satisfied or pleased.
With the opening of more alternatives to traditional banking, customers are seeking new and convenient alternatives when it comes to their banking needs. Though Internet banking is very convenient, it still requires a user to have a computer and Internet access while with mobile banking, transactions can be done almost anywhere.
on 2008-10-05 at 19:53:44
Another possible reason for the decline is the state of the economy in general. With banks closing one after the other, it's really frightening to do business with banks. When the economy recovers, which I hope it does soon, I bet all banking transactions will go back to normal.