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A new study has shown that the percentage of Americans who do their banking activities online has leveled out in the past 12 months. Standing at just 39%, the number indicates how many Americans depend solely on online banking for their checking and savings accounts as well as for tracking credit card balances and transactions.
The study, which was conducted by a company called Ipsos Insight, was done by interviewing 1,000 American adults about their banking and credit card account habits. Many participants responded that they are reluctant to bank or do transactions online because of the fear of the information not being safe. Hackers, phishers, and identity theft are all viable concerns that were expressed by those who would rather do their banking via mail or the telephone. Of the 39% who do bank online, well over half of them responded that the security of their information is still a major concern for them, and that they appreciate financial companies that offer extra securities on their websites to keep information safe.
Despite security concerns, those who bank online are carrying out more transactions via the web than they have in the past, according to the study. It seems as though those who trust one of their financial accounts online tend to eventually roll them all to the internet, which shows that they are enjoying the benefits of online banking and wish to continue. In the past year, more than half of all new credit card applications were made online. About half of mortgages, home loans, and car loans were also made online.
It is suggested that recent advances in technology that have allowed hackers to access home computers more easily than ever has contributed to the stagnation of online bankers among Americans. Credit card companies, banks, and lenders are rushing to keep up by attempting to provide customers with all possible safety precautions when it comes to their account information online. Companies that offer better security are guaranteeing themselves a much more solid future with internet customers. The numbers certainly reflect people’s needs and values when it comes to online banking: It’s all about security.
For information on how to keep your financial information safer online, visit the Federal Trade Commission at http://www.ftc.gov/bcp/conline/pubs/online/payments.htm
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