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

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

Published Date: June 2007

Published By: Javelin Strategy & Research

Page Count: 64

Order Code: R3424-39

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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 Hits 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 & 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 2:1 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: 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 You 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 42: Viewed Electronic Image of a Check; Figure 43: Consumers' Ratings of Their Banks' Online Protection Performance; Figure 44: First Began Banking Online (by Top 6 Online Banks)

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