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The Impact of Age on Online Banking Behavior

The Impact of Age on Online Banking Behavior

By Abby Johnson August 30, 2011

How much influence does age have online banking behavior? According to a recent report from McAfee, age actually plays a large role in how consumers conduct their online banking. McAfee recognized three distinct age groups that had distinct online banking patterns as well.

Online Banking Threat Bypassing Up-to-Date Anti-Viruses
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There is an online banking Trojan out there that is bypassing up-to-date anti-virus programs as much as 77% of the time, according to security company Trusteer. The Zeus Trojan is also known as Zbot, WSNPOEM, NTOS and PRG. It is the most prevalent financial malware on the web, Trusteer says.

More People Paying Bills On Bank Websites
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More people are paying bills at bank or credit union websites than at individual biller websites, according to a new report from Javelin Strategy & Research.

"For the first time, more consumers paid bills via bank sites in the past month rather than biller-direct sites," James Van Dyke, President and Founder of Javelin Strategy & Research said.

Consumers Favor Personalization For Online Banking

Online banking features that focus on personalization and communication are what consumers value the most, according to a new survey by Gartner.

"As consumer adoption of online banking increases, banks are searching for ways to differentiate their services while maximizing the cost-effectiveness of self-service channels," said Stessa Cohen, research director at Gartner.

Convenience Driving Online Banking Growth
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More than two million U.S. households used online banking and bill payment last year, according to a survey sponsored by Fiserv and conducted by Harris Interactive.

A total of 69.7 million households with Internet access now use online banking services to access balance, account history and to transfer money between accounts. In addition, 64.4 million households pay at least one bill online at a bank website or at a company website.

More Americans Banking Online
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An estimated 63.1 million U.S. households are now doing their banking online according to a survey from CheckFree.

Security concerns about online banking decreased from 17 percent in 2007 to 13 percent in the latest survey. Overall, online security was third among barriers to online banking this year compared to its number-one spot in 2007.

Canadians Lead In Online Banking Usage
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When it comes to online banking, Canada is one of the world’s most developed markets according to a new report from comScore.

Out of 37 global markets Canada was number one in adoption of online banking, with 67.1 percent of Canadian Internet users banking online in April 2008. Other English – speaking countries had much lower penetration, including the UK (49.5%), U.S. (44%), and Australia (41.7 %).

A Third Of UK Internet Users Bank Online

Online financial services are used by about a third of the total U.K. online population, according to a new comScore report.

Thirty-three percent of UK Internet users did online banking in January, accounting for 10.9 million customers who used at least one online account in the first month of the year.

The most popular online banking brand was the Royal Bank of Scotland (RBS) with 2.9 million visitors, driven largely by the 2 million people who accessed NatWest’s online banking service.

Customers Satisfied With Online Banking
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People who bank online have a higher level of customer satisfaction then when they use other online financial services like credit card sites and investment sites,  according to a new study by ForeSee Results and Forbes.com

The study, which uses the methodology of the University of Michigan’s American Customer Satisfaction Index (ACSI), found that online banking scores 82 on ACSI’s 100-point scale. Credit card and investment Web sites both score 75.

Talk Show Host Gets Bank Account Hacked

Hackers turn the tables on the talk show host “Top Gear” who made an outrageous claim that no one could do anything evil if their banking information was stolen.

The humor part comes in that when he checked his bank account, someone had done a 500 pound (1000 dollar) donation to diabetes UK.

Extra Security Makes Online Bankers Nervous

In an effort to protect customers against fraud like phishing, banks have added extra security features for people who bank online.

Online Banking Preferred By Younger Generation

Banking at a branch still ranks first overall among consumer’s usage, but younger customers are continuing to do their banking online, according to a survey from the American Bankers Association.

Young Adults Favor Online Banking

Consumers born between 1982 and 2000 are accustomed to using the Internet to access financial services, according to Celent Communications "The Millennials, Financial Services and the Web" report.

Yahoo Bill Pay To Perish
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You may not have known this service existed, and even if you did, it’s unlikely that you used it.  At any rate, in Yahoo’s effort to cut back and slim down, Yahoo Bill Pay has become the latest casualty.

Self-Service And Online Banking

Over 75 percent of U.S. and Canadian consumers polled said they were more likely to do business with organizations that offered self-service, according to a study from BuzzBack Market Research for NCR.

Online Banking Paying Off

Financial institutions of all sizes are opening virtual branches that offer higher savings yields and lower interest rates in an effort to lure more customers.

Online Banking Has Strong Growth

Online banking is growing 27 percent yearly, which is faster than other retail banking channels, according to TowerGroups’s "Delivery Channel Volumes in the United States, 2006-2010: From ‘In Line’ to Online" report.