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A new study reveals that consumers are a lot more bullish about online banking services than previously thought and that banks need to rethink how they go about segmenting customers and defining their value propositions Online banking could grow by as much as 50 during the next year according to the study Competing on Supply Winning on Demand Recapturing Share of Consumer Financial Services conducted by Bank Administration Institute BAI and The Cambridge Group Twenty-four percent of survey participants conducted online financial transactions in the last 12 months Fifty-two percent are online but are not conducting financial transactions and 24 are offline However over the next 12 months 18 of respondents from these latter segments intend to transact financial services online Other key findings are 59 of consumers surveyed are interested in some form of online account aggregation Aggregation solutions facilitated by screen scraping drew interest from 23 while OFX Open Financial Exchange solutions were of interest to 34 The most sought after aggregation deliverable was a single electronic statement 53 76 of consumers surveyed are interested in receiving financial education advice and planning Thirty-eight percent are willing to pay for it on a one-time basis while 34 are willing to pay for it on an ongoing basis 990 of survey respondents are interested in the idea of one-stop shopping for financial services and banks are viewed as the most capable providers of such a service The most common online financial transactions for survey respondents are transferring money between accounts paying bills and buying securities Sixty-three percent of study participants have life insurance Insurance companies are perceived as the most capable providers 65 followed by large banks 14 personal financial advisors 12 credit unions 12 full-service brokerage firms 11 and community banks 10 The research calls for financial services companies to look at their businesses in a new waythrough the eyes of their customers-to gain an understanding of
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