61 Percent of Bank Account Users Bank Online

Convenience seems to be the key driver for consumers accessing their bank accounts online:

• The majority of respondents (86 percent) who banked online indicated they did so because they could access their account whenever they want.
• 76 percent of respondents who banked online believed online banking is more convenient than going to the bank's branch.
• 61 percent of respondents banked online to have access to up-to-the-minute account information.

The study indicated that security is an important factor for consumers considering online banking and other online financial activities. Respondents who believed the Internet was secure were more likely than respondents who believed the Internet was not secure to:

• Bank online (80 percent Secure vs. 33 percent Not Secure)
• Pay their bills online (69 percent Secure vs. 23 percent Not Secure)
• Have made more than five online purchases in the past 6 months (48 percent Secure vs. 15 percent Not Secure)

Almost half (49 percent) of respondents said they had paid their bills online. Among respondents who had paid bills online, 82 percent indicated they did so because it was faster/more convenient than paying bills through the mail while 66 percent liked being able to pay all of their bills whenever they wanted.

66 percent of respondents who used the Internet for investing-related activities researched general financial information online.

39 percent of respondents checked their credit card balance online, 38 percent have checked their credit report, and 36 percent have paid their credit card bill.