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Thursday June 24, 06:53
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Online Banking In US Grew 30 Per Cent In A Year
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About 22 million US consumers bank online at the top 10 banks, according to comScore, which is a 30 per cent increase on 2003 totals and proof that online banking has grown by more than tenfold since 1996. By 2007, TowerGroup expects 37 per cent (42.5 million) US households, or, to be registered to bank online, with comScore finding over 4.6 million Americans to have paid at least one bill online in Q1 2004, up from 1.9 million in Q1 2002. The average online bill payer paid over 14 bills per quarter, to a total value of over USD 3,500, at an average value of USD 250 each, the comScore survey indicated.
Bills paid online at the top ten US banks in Q1 2004 totaled almost USD 17 billion, showing usage of online bill payments to be growing faster than online banking services, at 37 per cent, versus 30 per cent. Interestingly, most consumers (84 per cent) still prefer to pay bills at an utility or merchant’s site, instead of at a bank’s site, with just 20 per cent of the online banking population, paying bills at their bank’s site. Bank of America, amongst others, has boosted adoption of online bill payment services by waiving fees, even if other third-party online bill-payment services, such as Yahoo, are taking a greater share of the pie.
(PR Newswire)
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