Survey suggests consumers are using online banking more often

A new Fiserv commissioned study undertaken by Forrester Consulting suggests that consumers are more cautious about their finances and using online banking more often.

The study indicates that about 71 percent consumers are watching their finances more closely than they did a year ago. A little more than 75 percent of consumers are using online banking, and 28 percent expressed that they are using online banking more often as compared to the previous year. Also, 63 percent consumers prefer to manage their accounts online from one site. Contrarily, a survey from October 2008 had pointed out that 10 percent consumers were using ATM machines more often, and 9 percent increased bank visits.

According to Todd Lesher, division president, Fiserv Electronic Banking Services, “Consumers are using online banking more frequently to monitor their cash flow, manage their finances more actively and save money on stamps. Financial institutions are playing an important role by providing new and innovative online tools to help consumers weather the financial storm."

The study also shows that consumers have preferred to spend less by cancelling planned vacations, delaying new car purchases, and driving less. Moreover, there is a tendency to use credit cards less intensively for purchasing and paying bills.