Consumers Use Online Banking, But Not For Bill Paying
Consumers use online banking but not to pay bills, according to a survey from Chicago-based Mintel Comperemedia. The company found that 45% of adults with access to the Internet have bypassed their banks' online bill payment service and go directly to the biller's website instead. About 22% of online banking customers have never paid a bill online at all.
The same survey found that 70% of adults who use the Internet use online banking. Another 7% have signed up for the service, but have never used it.
Consumers ages 25-44 are slightly more likely than their counterparts to use online banking, with 79% reporting usage. Banks are pushing these services, as approximately 40% of all checking direct mail offers include a mention of online banking.
Ninety-three percent of respondents use online banking to check balances, 38% use it to receive account alerts and 65% use it to transfer money. About 30% log on to pay their mortgages or credit cards issued by their banks. Consumers, on average, receive 3.5 paperless statements a month from other sources, so Mintel Comperemedia suggests that banks provide eBills on their sites. --Tanya Irwin