Intuit Financial Services' Third Annual Online Financial Management Survey was fielded by Decipher Research in September 2010. The survey polled 1,250 adults across the United States.
Consumer Loyalty
- Interesting dichotomies exist around brand loyalty, with over one-third (34%) of consumers staying with one bank for more than 10 years, but also a little over one-third (35%) are fairly new to their FI, having been with their bank or credit union for only 1-5 years.
Wanted: Online Banking Tools Through a Financial Institution
- Online financial management tools are important – 52% of consumers would switch FIs for one that offers these tools.
- One-third (34%) responded they use online services provided by their bank or credit union, up 7% from last year. Only 3% of consumers utilize non-bank, Web services.
- When using online banking, 83% of consumers track account balances, 60% pay bills/transfer funds and 56% check the accuracy of transactions.
- When breaking down how consumers prefer to pay bills online, 37% use online Bill Pay through their bank or credit union.
Going Mobile?
- 25% of respondents already use or plan to try mobile banking in the next year.
- Those that use mobile banking use it in parallel to how they use online banking – viewing account balances and transferring funds is most important (17%), followed by managing or paying bills (11%).
- Consumers want to actively interact with their finances – when asked what they would like to do on their mobile device, making deposits of checks/payments (38%); managing/paying bills (33%) and transferring funds (30%) showed importance.
Can you tell me where you're located?
- Consumers are significantly reducing the number of times they visit their bank branch, with 20% now only going once per month.
- While at their FI, consumers use checking and savings accounts the most, then debit card/ATM (73%) and credit cards (32%).
- Simplicity continues to show importance, with 84% of consumers putting the ability to manage and pay all bills in one place at top of their list.
Which of the following features do you consider most useful (regardless of whether you currently use them or your financial institution provides them). Select the top three.
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- 84% – The ability to manage and pay all of my bills in one place via (i.e. paper check, credit card, online bill pay, auto-debit, etc)
- 68% – Being able to see my complete financial picture (banking, credit cards, brokerage, and 401k) in one place
- 66% – Tools that help me track where I'm spending my money
- 30% – Advice and tips on ways to save money
- 44% – Receiving discounts at stores where I currently shop
- 8% – Helping me connect with a social network/online community of people to share tips and advice on managing finances
If you currently utilize online banking, which of the following functions do you use it for?
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- 83% – Tracking my account balance
- 60% – Paying bills/transferring funds
- 29% – Budgeting/See where my money is going
- 32% – Understanding how much I can spend
- 31% – Seeing all my finances/bills in one place
- 7% – Financial advice via my bank's social network or online community
- 56% – Checking accuracy of transactions
How long have you been banking with your current financial institution?
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- 13% – Less than 1 year
- 35% – 1–5 years
- 18% – 6–10 years
- 34% – More than 10 years
If your financial institution does not currently offer online banking tools, would you switch to one that does?
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- 52% – Yes
- 48% – No
If you currently use mobile banking, what types of tasks do you perform on your mobile device?
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- 82% – View account balances and transfer funds
- 53% – Manage or pay bills
- 20% – Open and fund new accounts
- 24% – Use my mobile device to make deposits of checks and other payments I receive
- 33% – Receive alerts to manage my spending or account security
- 15% – Research new products or services