Analysis on Tuesday, updates on Friday. The most recent findings were based on 16,500 interviews conducted in December 1998 with a sample representative of all US adults. The findings come as a surprise to some, because there seemed to be no compelling motivator for online banking. With most banking applications such as reviewing accounts, transferring funds, and even paying bills readily available by telephone, industry observers had anticipated consumers would embrace online banking at a leisurely rate, much as they did with ATM machines in the 1970s and 1980s. Two factors are responsible for driving the explosive growth in online banking, Barto said.
Customers can use their existing account numbers and PINs.
They can even pay bills if they had previously been doing that function via a touchtone telephone. An upscale market segment dominates online banking, according to the research. The Pacific region has the highest percentage of online banking households, while the industrial regions around the Great Lakes have relatively low penetration rates. Copyright 2001 INT Media Group, Incorporated All Rights Reserved.