Online Banking on the Rise, With 1 Notable Exception

Online Banking on the Rise, With 1 Notable Exception

NEW YORK (MainStreet) – Thanks to advancements in mobile and Web technology, we have more tools than ever in our pockets and on our screens these days, but the unstoppable rise of digital banking is far from a foregone conclusion.

A study from Web analytics firm comScore underlines the importance of online banking, but says that one key component – online bill pay – is still getting short shrift from a large block of consumers.

The study notes that 66% of Americans have used online bill payment technology before, but banks can’t close the deal on an apparently stubborn (or cautious, depending on your point of view) group of bank customers who worry about online security.

As the data indicate, security concerns are increasingly keeping those who don’t use the service from using it, suggesting that any hope banks have to make bill pay a fully automated process that they manage for people has a large hurdle to clear first. A comparison between last year and 2010 shows people’s increasing concern over online security:

Security concerns
2010: 29%
2011: 43%

Concern over available funds
2010: 14%
2011: 13%

Service is too complicated
2010: 8%
2011: 13%

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