Are Banks Ready to Cash In Online?
The virtual world of finance is starting to add up to some real money.
Financial institutions large and small are rushing to open virtual branches, offering higher savings yields and lower interest rates to entice consumers to switch or stay.
eMarketer estimates nearly 80 million US adult Internet users will conduct at least some of their banking activities online this year, an increase of 9.5% over 2006.
By 2011, 101 million adult Internet users in the US will be banking online.
"When you look closer at the numbers, however, you find that growth in the US online banking population is actually slowing, at least at the top 10 online banks," says Lisa E. Phillips, eMarketer Senior Analyst and the author of the new report, Banking and Bill Paying Online: Chasing Those Digital Dollars.
"comScore's online banking report showed the online banking population grew 47.3% in 2004 and dropped to a 27.1% growth rate in 2005."
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