Report: Consumers Prefer Own Banks Over Independent Services

The fourth annual Consumer Online Banking Survey from CashEdge shows that more consumers prefer simple, secure person-to-person payment services.

CashEdge is a major provider of Intelligent Money Movement services. 

Its annual study examines the behavior and preferences of more than 850 consumers nationwide. These respondents are 18 years and older and use online banking. According to the survey, consumers prefer to get these services from their financial institution, rather than independent services like PayPal.

 

Sanjeev Dheer, CEO, CashEdge, said that although online banking has become a mainstream application for consumers, they are now demanding more money movement services from their financial institutions, like person-to-person payments. Today consumers prefer to use their financial institution over an independent network to deliver these services. Dheer added that trust in their bank and convenience are the two key factors in their decision.

 

“This represents a tremendous opportunity for banks to compete in the lucrative P2P payments space,” Dheer said in a statement.

 

CashEdge’s fourth annual Consumer Online Banking Survey was conducted by the independent research firm Zoomerang. The report indicates that 81 percent of respondents are now accessing their financial institution online at least four times per month. The majority, 89 percent, want to ultimately move all banking and financial transactions online.

 

More consumers want additional online money movement services, including the ability to transfer funds to their friends and family in a simple, secure and convenient way. The 2009 survey shows that 81 percent of respondents are ready to use a P2P service if offered by their financial institution.

The report also shows that consumers are more interested in mobile banking and would use it to conduct various banking functions. Around 32 percent of respondents