Online Banking Draws Nearly Half of Active US Online Population

And it’s not just the younger generation which has embraced online banking. While the research showed that 62 percent of people ages 21 to 34 conduct the majority of their banking via the Internet, approximately 40 percent of Americans ages 45 to 69 are now doing most or all of their banking online too.

“People are increasingly turning to Internet banking because of the increased convenience, independence and typically better value that it offers,” said Kevin Martin, EVP of Personal Financial Services, HSBC Bank USA, N.A.

The findings from HSBC Direct align with projections about the future for online banking from Forrester Research that indicates 92 million or 76 percent of American households are expected to be banking online by 2011.

Web activity on HSBCDirect.com further reveals that consumers are taking full advantage of being able to bank online at times when banks are traditionally closed. Thirty-nine percent of customers using HSBCDirect.com last year conducted their online banking between 6:00 p.m. and 7:00 a.m. ET.

Data also suggests that customers like banking online on days when a brick and mortar bank would traditionally be closed. In 2008 the site experienced almost one quarter of its web traffic over the weekend, with the distribution equally split between Saturdays and Sundays.

Kevin Martin continued: “Regardless of how and when they bank, consumers want to do business with a bank they know and trust. Not only does HSBC Direct offer one of the most competitive interest rates in the market, it’s also a significant part of HSBC’s presence in the United States, where we’re one of the nation’s leading financial services organizations.

“Globally, the HSBC Group reported pre-tax profits of US$9.3 billion for 2008, remaining one of the world’s most profitable financial institutions despite exceptionally challenging market conditions.”