According to the “2011 State of Online and Mobile Banking” report released by comScore, online banking volumes across the top 10 banks have reached over 65 million liquid deposit account (LDA) customers in Q1 2011. Liquid deposit account customers include users of checking, savings and money market accounts, excluding certificates of deposit (CDs). Furthermore, online customer logins have also gone up by 7 percent annually and by 4 percent quarter-over-quarter.
The same study has also shown that since 2004, the population among the top 10 banks has more than doubled. According to a measurement through Online LDA Customers, the top 5 banks are Bank of America, Wells Fargo, Chase, US Bank and PNC.
According to the source, in 2011 the PNC bank has registered a 14 percent point growth to lead customer satisfaction among the top 5 banks, with a 79-percent customer satisfaction rate. Citibank has also seen its customer satisfaction level increase by 8 percent points y-o-y. Chase’s customer satisfaction has also increased by almost 10 percentage points. Bank of America customers have reported a lower satisfaction level in 2011, but their satisfaction rating has remained quite stable over the last three years. Research has also indicated that 70 percent of customers are satisfied with their bank’s website. PNC and ING bank have registered the highest satisfaction level among the top 10 banks, with 79 percent each.
The report has also analyzed customers’ interest in some of the key online banking features. Thus, account activity alerts including personal e-mail or SMS notifications for transactions, have registered the highest usage at 14 percent and statistics show that it will continue to increase. Online chat and instant messaging services were less likely to be utilized by customers.
The survey has pointed out that consumers showed the highest interest for identify theft (30 percent) and credit monitoring services (24 percent). Yet, the same data indicates that usage has been quite limited with 7 percent of consumers opting for identity theft services and only 6 percent for credit monitoring services.
With regard to Personal Financial Management (PFM) services, the report indicates that only 12 percent of Bank of America customers and 6 percent Wells Fargo customers have declared they used the banks’ online PFM tools in Q1 2011. Moreover, the percentage of consumers who are unaware of these services is high. For example, 36 percent of American Express customers are not aware of the existence of these PFM tools.
The insights provided within this study are based on a survey of over 2,000 US internet users.
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