In CashEdge’s second annual Consumer Online Banking Survey, the respondents have echoed the sentiments of the group polled in last year’s 2006 survey.  Eighty-five percent of respondents would never bank with an institution that didn’t offer online banking, eighty-two percent of those surveyed say they would use more online banking capabilities if they were available, seventy-three percent of the respondents say they prefer opening and funding a new bank account online, and nearly two-thirds (65 percent) would move their finances to another institution if it meant gaining access to more robust online banking capabilities.

The results of the second annual survey uncovered an unwavering consumer demand for online banking services.  Among the study’s most significant findings are: 

• Moving Money Here, There and Everywhere
• Eighty-seven percent of respondents have accounts at more than one institution and sixty-six percent of respondents said they would be “interested in transferring funds housed at different financial institutions.”  Additionally, nearly three-quarters (71 percent) would like to use online funds transfer for making payments to “other people/third party” instead of paying by check or cash. 
• Show Me the Money… Now!
• Seventy-four percent surveyed expect a new bank account to be available for use the same day (29 percent said they expect it to be available immediately), and twenty-seven percent of consumers are interested in real time/immediate funds transfer even if it involves an additional fee.
• Online More Popular Than Branches
• The majority of respondents consider visiting their bank a “chore” (66 percent), 88 percent try to minimize bank visits, 65 percent reported a “high” to “very high” desire to ultimately move all of their banking and financial transactions online, and three-quarters (75 percent) say that if possible they would never go to the bank to conduct a financial transaction.  
• Risk Perception
• Forty-six percent cited security as a concern with online banking transactions of which fourteen percent report that their concerns keep them from banking online.  CashEdge Risk Monitoring offers the industry’s most comprehensive process for mitigating online banking risk by detecting fraudulent online transactions before they are executed, and identifying all related fraudulent activity through a sophisticated linked analysis.  By leveraging CashEdge’s expertise and ability to absorb risk, banks can eliminate the problem, as well as the perception.

About CashEdge’s Second Annual Consumer Online Banking Survey

Commissioned by CashEdge, the study polled more than 400 consumer "heads-of-household" nationwide who use online banking capabilities.  These respondents described themselves as bank customers (79%), credit union members (18%) and customers of "direct/virtual banks" (3%).