Online banking rapidly becoming ‘most powerful retail channel’

Online banking is growing faster than any other method of delivery in the US and is rapidly becoming the most powerful retail channel, according to research from TowerGroup.

Online banking is growing faster than any other method of delivery in the US and is rapidly becoming the most powerful retail channel, according to research from TowerGroup.

The financial analyst firm found that the number of US consumers using online banking will grow by 27% annually in comparison to a growth rate of 10% across all other channels between 2006 and 2010. It said the internet will be the future of bank delivery.

“Customer preferences are evolving from waiting in line for the teller, to going online for more and more of their needs,” said Jerry Silva, research director at TowerGroup.

During the four-year period from 2006 TowerGroup expects 18% of payments to be made electronically, compared to 64% by credit and debit cards and 17% by cheque.

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