September 10, 2007

Many Online Banking Users Use Few Features

Why European Online Banking Users Don't Use All The Available Functionality

by Benjamin Ensor

with Ashara Giordanelli, Michelle de Lussanet, Tim van Tongeren

Executive Summary (This is a document excerpt)

While the majority of European banks now offer a wide range of online banking functionality, most of their customers don't use many of the available features. The most popular functions of online banking are checking account balances, looking at statements, and viewing recent transactions. But transferring money to others and setting up automatic payments are among features most online banking users leave idle. The substantial variations in online banking functionality use across Europe are partly due to differences in banking and payment cultures, but they can also help banking eBusiness executives prioritize which functionality to develop and promote.

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