92 million Americans will turn to e-banking by 2011

HSBC Direct conducted a survey that showed about a half of all the American adult customers use e-banking.

2040 adults, inquired by the researcher, drew a picture of 49% active internet banking users against 23% of the early 2007. The study shows that 62% of people aged 21 to 34 perform most of their banking via the Internet, and approximately 40%, aged 45 to 69, are also now mainly managing their finances online. 

Kevin Martin, EVP, personal financial services, of HSBC Bank USA considers that people are increasingly turning to Internet banking because of the growing convenience, independence and typically better value that it offers. HSBC Direct says that its findings align with projections from Forrester Research that indicate 92 million, or 76%, of American households are expected to be banking online by 2011.

February study of Forrester Consulting found out that US consumers are using the online banking channel more frequently to access their accounts during the current global financial crisis: 71% of customers said they are keeping an eye on their finances more than they used to do in a previous year.

On the contrary comScore’s survey revealed that engagement at many of the top banking sites in fact declined in the third quarter of 2008 versus a year ago volume, with Wachovia 12% down and JP Morgan Chase 8% down.