[Report] 2007 Online Banking and Bill Payment: Trends, Forecasts, and Strategies for Reinvigorating Growth and Adoption TOC

Overview
Primary Questions
Findings and Analysis
Executive Summary
- Online Banking and Bill Pay Growth Forecast 2003-2012
- 5-Year Forecast- Online Banking and Bill Pay Growth Forecast 2003-2012
- Electronic Bill View and Payment Hit Plateau
- Still Popular, but Downward Trend Noted in Consumer Preference for FI Bill Pay
- For Many Consumers, the Word Is Getting Out: Online Banking Hinders ID Theft
- Online Billing Losing “New and Exciting” Factor; 20% Fewer “Very Likely” to Recommend (2005-2007)
Personas of Online Bankers versus Non-Online Bankers
- Online Bankers Have Many More Touches with Banks: Equals Opportunity
- Who Are the Holdouts? People Preferences and ID Fraud Fears Deep-Rooted
- Online Bankers: The Three Keys to Adoption
- Alerts and Consolidated Bill Pay Would Inspire Activity in 50% of Online Bankers
- Online and Offline Bankers Display Contradictory Profiles
- Online Bankers Prefer “My FI” More Than 2 to 1 for Paying Bills Online
Green Banking
- Communicating Environmental Benefits in a Customer-Friendly Way
- The Tipping Point for Paperless: Better Records
- Cost Savings Can Be Found (and Not Just by Converting Off-Liners to On)
- 56% of Consumers Now View Check Images as Desirable- a Polar Shift
Convenience
- Going Mobile
- Expedited Payments
Control/Financial Optimization
- Personal Financial Management
- Focus on Consumers' Top Valued Features for Success in Online Banking PFM
- FIs' Top Online Protection Rating Falls 13%; Average Rating Rises
- Consumer' s Guide to Improving FI Online Protection Ratings
- Consumers Desire a Supermarket of Alerts
- Interactive Financial Messaging TM: The Next Stage- Prohibitions and Review & Release Functions
- Shared Secrets and Computer Recognition Tops for All
Bank Comparisons
- Where Do Customers Pay their Bills?
- WaMu, Chase and Wells Top the Online Safety Ratings
- Good Online Safety Ratings Motivate Behavior: Chase, BofA and Wells Enjoy Outstanding Increases in Online Banking in Response to Consumer ID Worries
- Comparison of Top Six Online Banks by Attributes
Demographics-Age
- No Mystery Here: The Younger You Are, the More Likely to Have Tried Online Banking
- The Eldest Clients Rank Bank' s Online Protection Performance the Highest- Then Why Aren' t They Banking Online?
- “Saving Time” Doesn' t Resonate with Older Bankers
Demographics-Income
- Higher Income Levels Show Greater Online Banking Penetration
- The Poor (Under $15K) Have Different Reasoning for Not Banking Online
- Highest Online FI Bill Pay Penetration Rates Are for Consumers $100K-$149K
- Paper Turnoff: Middle Incomes Fear Losing Control-Want Better Records
Demographics-Ethnicity
- Caucasians Lag in Online Banking Acceptance
- 30% of Asians who “Just Haven' t Gotten Around to it Yet” Represent Opportunity
- Different Ethnicities Motivated by Distinct Online Bill Payment Features
Demographics-Gender
- Women Want Control; Men Time
- Window of Opportunity: Gap in Bill Pay Adoption Rates Will Close Quickly
- Men Desire Integration into Financial Tools; Women Want Bill Alerts
Appendix
Related Research

Table of Figures

Figure 1: Total Number of Households Banking, Viewing, or Paying Bills Online 2003-2012
Figure 2: Consumers Conducting the Following Bill Payment Activities within the Last 12 Months
Figure 3: Consumers' Preference to View and Pay Online Bills (Longitudinal 4 Years)
Figure 4: Consumers' Reactions in Online Banking Transactions in
Figure 5: Would You Recommend Online Banking? (Longitudinal 3 Years)
Figure 6: How Online Bankers' Usage Has Changed Most Since First Using Online Banking
Figure 7: Reasons Why Certain Consumers Do Not Bank Online (Longitudinal 5 Years)
Figure 8: Why Did You First Start Banking Online? (Longitudinal 3 Years)
Figure 9: Consumers' Motivation to View More Bills Online (by Type of Banker)
Figure 10: Criteria for Selecting a New Financial Services Provider (by Type of Banker)
Figure 11: Where Consumers Would Most Prefer to View and Pay Online Bills
Figure 12: Consumers' Opinions on Paper Statement Turnoff (by Type of Banker)
Figure 13: How Do Consumers Receive the Following...?
Figure 14: Consumers' Opinions on Viewing Electronic Check Images (Longitudinal 3 Years)
Figure 15: Mobile Internet Users' Preferred Mobile Banking Transactions
Figure 16: Expedited Payments Fee Revenue Forecast 2004-2009
Figure 17: PFM Offering' s Effect on Likelihood to Remain a Customer (by Type of Banker)
Figure 18: Consumers' Most Valued Features for Managing Finances
Figure 19: Consumers' Ratings of their FIs' Online Protection Performance (Longitudinal 2 Years)
Figure 20: Security Methods Consumers Would Like their FIs to Implement (by Type of Banker)
Figure 21: Alerts that Are Valuable to Consumers (Longitudinal 3 years)
Figure 22: Applying the Javelin “Prevention and Detection” Model to IFM™
Figure 23: Consumers' Preferred Methods of Authentication
Figure 24: Top 15 Online FIs (by Numbers of Online Bill Payers)
Figure 25: Rating of Banks' Online Banking Safety Performance (by Top Six Online Banks)
Figure 26: Consumers' Response to ID Threats in Online Banking Transactions
Figure 27: Feature Comparison of Top Six Online Banks
Figure 28: Last Conducted Online Banking (by Age)
Figure 29: Rating of Bank' s Online Protection Performance (by Age)
Figure 30: Most Important Reasons for Beginning to Use Online Banking (by Age)
Figure 31: Last Conducted Online Banking (by Income)
Figure 32: Reasons for Not Banking Online (by Income)
Figure 33: Paid a Bill Online through Bank or Credit Union' s Bill Pay Service (by Income)
Figure 34: Opinions on Paper Statement Turnoff (by Income)
Figure 35: Last Conducted Online Banking (by Ethnicity)
Figure 36: Reasons Why Consumers Do Not Bank Online (by Ethnicity)
Figure 37: Motivation to Pay More Bills Online (by Ethnicity)
Figure 38: Reason for Beginning to Bank Online (by Gender)
Figure 39: Last Time Paid a Bill Online Through FI' s Web Site or Bill Pay Service (by Gender)
Figure 40: Motivation to Pay More Bills Online (by Gender)
Figure 41: Viewed Electronic Image of a Check
Figure 42: Consumers' Ratings of their Banks' Online Protection Performance
Figure 43: First Began Banking Online (by Top 6 Online Banks)

2007 Online Banking and Bill Payment: Trends, Forecasts, and Strategies for Reinvigorating Growth and Adoption

Table of Contents

Table of Figures