By: Joe Gillen
Bank customers say they not only prefer online banking to traditional in-branch banking, but would also like to see financial institutions develop more features to improve their finances and safeguard their personal information.
Local community banks and credit unions that have already cultivated their mobile and online platforms are also expanding on their current offerings to provide even more account management features to all community demographics. Bank consultants and industry analysts have long stated that banks and credit unions that develop several account management options for consumers will remain successful and appeal to a larger demographic of Americans.
A Rosetta consumer trends and insights survey reveals 52 percent of consumers say their bank's website is their primary method for conducting their financial transactions, and 48 percent said they would bank solely online if they could. In addition, a large percentage said they want their financial institutions to develop their online banking platforms further to include greater security features and reward programs.
For example, 64 percent said they feel there is a greater need for enhanced privacy features and safeguards to protect their personal information. Another 58 percent said they wished their bank offered rewards programs or points systems for utilizing online banking services.
Consumers said that the most common transactions they conduct through online channels are paying bills, transferring money between accounts, checking balances, examining their financial information and monitoring their recent activity.
Many banks are responding to their customers' requests by developing or expanding online and mobile banking platforms to provide their customers with better convenience and access to their accounts. Many are also creating financial education features via their websites and mobile applications.