ComScore Networks, which measures and analyzes consumer behavior and attitudes, has found that more than 22 million users logged into online accounts with the nation’s top 10 banks during the first quarter of 2004. That’s a 29 percent increase over the first quarter of 2003.
During that same period, use of online bank bill payment services grew by 37 percent.
“Online banking and bill payment continue to be among the fastest growing applications on the Internet,” said Jim Larrison, VP of comScore Financial Services Solutions. “The continued proliferation of broadband access, coupled with heavy online and offline promotion, have helped the nation’s largest banks bring more than five million customers online in the past year.”
More than 4.6 million consumers, or about 20 percent of the online banking population, actively used online bill payment services offered by the top 10 banks. These consumers paid an average of 14 bills online during the quarter, with an average value of about $250. The total value of bills paid by consumers through the top 10 banks in the first quarter alone was nearly $17 billion.
ComScore’s online banking report also includes an analysis of the competitive landscape. The report now includes the online banking development index, or BDI, that serves as a composite benchmark of a bank’s performance in engaging its customers online. The index is comprised of 10 components across three major categories: adoption, engagement and loyalty.
Bank BDI
Bank of America 118
Citibank 115
Fleet 114
Washington Mutual 97
Bank One 97
Wachovia 96
Wells Fargo 93
Chase 92
Sun Trust 91
USBank 89
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