2008 Online Banking and Bill Payment Forecast: Financial Crisis Makes It More Vital Than Ever to Target Online Channel : Market Research Report

2008 Online Banking and Bill Payment Forecast: Financial Crisis Makes It More Vital Than Ever to Target Online Channel

Published by: Javelin Strategy & Research

Published: Nov. 1, 2008 - 74 Pages

Overview
Primary Questions
Findings and Analysis
Methodology
Executive Summary: Key Recommendations
Financial Crisis is a Crucible for Change
Javelin’s Five-Year Forecasts
Mid-Size Banks, Credit Unions Have Opportunity to Make Up Ground
Online Channel is a Banking Necessity
Why Online-Banking Customers Are Attractive: Online-Banking Customers Take Greater Role in Security; Online Bankers Lead the Way On Paperless Conversion; In Contrast: ‘Online Averse’ Customers
Bill-Pay: A Core Element of Online Banking: Electronic Payments Eat Into Snail Mail
Features That Can Re-energize Online Banking: Expedited Payments; Mobile Banking; Financial Alerts; Green Banking and the Paperless Push; Online Storage “Vaults; Personal Finance Management Tools
How Four Vendors Aim to Upgrade Online Banking and Bill-Pay: CheckFree; Digital Insight; iPay; S1
Appendix
Related Research
Companies Mentioned
Table of Figures: Figure 1: Online-Banking Market Share by Largest Financial Institutions After Mergers; Figure 2: Steady Annual Growth is Likely on All Fronts; Figure 3: Last Time Consumers Conducted Online-Banking Activity; Figure 4: Consumers Conducting Bill Viewing and Payment Activities in the Past 12 Months; Figure 5: Consumer Preference for Method of Paying Bills; Figure 6: Adoption Rates for Online Banking — Last 12 Months (By Size of Institution); Figure 7: Adoption Rates for Online Bill View and Pay— Last 12 Months (By Size of Institution); Figure 8: Superstar Financial Managers, Habitual Bankers and Online-Averse Bankers; Figure 9: Criteria for Choosing a New Financial Institution (Longitudinal); Figure 10: Financial Products Purchased by Online-Banking Customers; Figure 11: Frequency of Payment Activities (Online-Bankers vs. Non-Online Bankers); Figure 12: Frequency of Transfers (Online-Bankers vs. Non-Online Bankers); Figure 13: 53% of Online-Banking Customers Say Security is a Shared Burden; Figure 14: 84% of Online-Banking Customers Say Their Bank’s Online Protection is Good; Figure 15: 92% of Non-Online Customers Still Demand Paper Statements; Figure 16: Various Banking Activities for Online vs. Non-Online Bankers; Figure 17: Activity for Viewing and Paying Bills Through Banks vs. Billers; Figure 18: Number of Bills That Respondents Pay Online Regularly; Figure 19: Javelin Forecast: Overall Consumer Spending on Expedited Payments by 2013; Figure 20: Mobile Channel Forecast of Availability, Likelihood, and Adoption (2007-2012); Figure 21: Adoption Forecast for SMS and E-Mail Alerts (2008-2013); Figure 22: Even Among ‘Greens,’ Seven of Ten Still Have Not Turned Off Paper Statements; Figure 23: Satisfaction Ratings of Various Banking Functions; Figure 24: Consumer Preferences for Management of Their Online Storage Vaults; Figure 25: Most Important Features and Qualities of PFM Method; Figure 26: Consumers’ Preference to View and Pay Online Bills (2004-07); Figure 27: Consumer Ratings of Their Bank’s Performance Protecting Them Online (By Size of Institution); Figure 28: Consumer Motivations for First Adopting Online Banking; Figure 29: Consumers’ Top Reasons for Not Banking Online; Figure 30: Percentage of Households That Have Never Viewed Several Bills at Their Bank

Abstract

Whether banks and credit unions weather - or even survive - the worst banking crisis since the Depression is likely to depend on their ability to grow their assets. Unsettled by bank failures, anxious Americans have taken a flight to safety that has left many financial institutions struggling to attract and retain deposits. But industry tumult and fearful times create an opportunity for banks and credit unions with online-banking services that satisfy the consumers’ craving for financial control, tools to monitor and protect their accounts, and a means to consolidate their financial relationships. Now, more than ever, financial institutions must provide customers with - and actively promote - a robust, useful online-banking platform that will help customers better manage, monitor and move their money on a daily basis.

Primary Questions

How fast will online banking and bill-pay adoption grow over the next five years?
Can banks use online banking and bill-pay services to boost revenues, increase customer loyalty, reduce costs and create cross-selling opportunities?
Will consolidation caused by the financial meltdown change the competitive landscape in online banking and bill-pay?
Can mid-size banks and credit unions boost the performance of their online-banking services to better compete with giant national financial institutions?
What services can make online banking more appealing to consumers?

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2008 Online Banking and Bill Payment Forecast: Financial Crisis Makes It More Vital Than Ever to Target Online Channel

Table of Contents

Abstract