IoT
Business & Finance
News
3/4/2003
02:07 PM
50%
50%

E-Bill Payers More Active With Online Transactions--Study

People who don't pay bills online through their banks are more likely to abandon the online relationship.

People who have online bank accounts and who pay their bills online are twice as likely to have conducted an online account query at least once during the previous quarter than people who don't pay bills electronically. In other words, they're more likely to maintain an active online relationship with their banks.

That's according to a report from Internet-behavior-tracking firm comScore Networks, which randomly follows the movements of 1.5 million registered Internet users. The tracking study was conducted in the first quarter of 2002 and again in the fourth quarter.

Online-banking customers who didn't use their bank's bill-payment services showed a 34% online attrition rate, meaning they abandoned the online relationship. This compares to an attrition rate of 16% for those who were online bill payers.

In doing the study, comScore found that during the fourth quarter of 2002, 20% of Internet users were active online bankers. Of those consumers, 12% paid at least one bill through their bank's online payment service. Online payers also held an average account balance of $4,800, according to comScore, while the average online-banking customer holds a balance of $2,400.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for InformationWeek Newsletters
White Papers
Current Issue
Top IT Trends to Watch in Financial Services
IT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of July 24, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.