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Online Banking During a Financial Crisis

Customers want financial advice and security.

Consumers have flocked to the Internet for advice on how to cope with the global financial crisis, according to comScore World Metrix. The research company said visits to financial news and research sites grew 10% to 8.8 million visitors in September, during the height of the financial crisis, from the previous month.

“With world markets exhibiting such volatility, the Internet has proven itself to be the go-to resource for those with a vested interest in the markets, as well as concerned consumers generally,” said Herve Le Jouan, managing director at comScore Europe.

The turmoil has not kept consumers from conducting financial transactions online.

In a study released in November, Nielsen Online said credit card account management and home banking were the second- and third-most-popular transaction types for 2008, with 36% and 35% of consumers conducting transactions, respectively.

Still, security is top of mind for many online banking consumers. To reassure the skittish, Bank of America has been offering customers Norton AntiVirus software at a discount, and Wachovia’s Security Plus product was unveiled to customers through a splash page upon login. [eMarketer]

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