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2003-04 Online Finance Household Update: Image Is Everything (Particularly For Checks, Statements, and Security)
Javelin Strategy & Research, June 2004, Pages: 15
This Online Finance Household Update provides information on the following topics:
- Check Imaging and Account-to-Account Transfers Top Growth Arenas
- Consolidated Statement-Viewing Builds Momentum, Doubling Biller-Direct Growth Rate
- Statement-Viewing at Biller Sites Heads the List – of Today’s Finance/Payments Capabilities
- Slow or No-Growth Areas: Insurance, Lending and Quicken/Money Software Javelin’s Predicted Growth Areas for 2004-2005
- Online Consumer Usage of Account Alerts
- Importance of Security Benefits
A few years ago, online finance was all about access. These days, it’s becoming more about control and safety. During the past 12 months, online households have gravitated to increased mobility of funds; easy, central access to imaged checks and consolidated statements; and have placed increased importance in security factors. Among an online populace now 75% comprised of tenured (veteran) Internet users, fear rather than lack of interest is keeping the vast majority from banking online.
Consider that in the last year, the largest movements to online banking took place for capabilities available at only a fraction of all web sites. The significance of the shifting tastes of consumers is understated by the data, since universal availability of check imaging, FI-to-FI transfers and consolidated statements will certainly greatly advance their overall popularity and use in the future.
In 2004, online households continue to activate the simpler or frequent aspects of online finance, such as banking and bill payment and presentment, while avoiding more difficult and static capabilities, such as aggregation, insurance, lending and Quicken or Money. Meanwhile, households decreased their reliance on automated telephone systems. The significance of the rapid and escalating use of several newer capabilities is even more dramatic when you consider that many sites do not offer the ability to view check images, see several billing statements at one site and transfer funds from one bank to another. Person-to-Person payments users also significantly increased their number, even though the number of online auction users (who comprise most P-to-P payments users) expanded even more. Investment services – a business line that enjoyed robust growth in the early years of online finance – is unique in that its dampened use reflects overall available returns in that sector. Telephone banking usage has declined as consumers increasingly turn to the convenience and capabilities of Internet finance, yet it still remains an indispensable part of a financial institution’s access options. While the use of financial alerts is still relatively low, we predict alerts – along with viewing consolidated statements and check images – will head the list in our 2005 sequel.
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