Online bank customers would switch for better services

Nearly two-thirds of online bank customers would switch their money to another bank if it offered more robust internet banking facilities, new research has shown.

Nearly two-thirds of online bank customers would switch their money to another bank if it offered more robust internet banking facilities, new research has shown.

A survey of 400 US consumers who use online banking found that 64% would transfer their account to gain better internet banking services.

The research, by online banking applications firm CashEdge, found that 69% of online bank customers had a “high” to “very high” desire to make all their banking and financial transactions over the internet, with 78% saying they would, if possible, avoid ever going to the bank in person again.

The survey showed a readiness to take up new services, with 85% saying they would use more online banking facilities if they were available, while 74% reported that they preferred to open and funding a new bank account online.

But 47% of those surveyed said security was a concern with online banking transactions.

Sanjeev Dheer, chief executive officer of CashEdge, said, ”Consumers are actively seeking services that will make their financial lives more efficient, even if that means paying a fee or leaving a trusted institution for the ability to access their funds and transact in real time.”

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