The majority of US Web banking customers would move their account to another institution if it meant they would gain access to more online services, according to research released by New York-based CashEdge.
The survey of over 400 Web banking customers found that 64% would switch to another institution if it meant gaining access to more robust Web banking capabilities.
The survey also found that customers prefer Web banking to branch banking. Around 69% of respondents consider visiting their bank branch "a chore" and 88% try to minimise bank visits. More than three quarters (78%) say that if possible they would never go to the bank to conduct a financial transaction.
The majority (69%) of respondents reported a 'high' to 'very high' desire to ultimately move all of their banking and financial transactions online. However almost a half of respondents (47%) remain concerned about the security on online transactions.
Almost three quarters of respondents (74%) prefer opening bank and funding bank accounts online and nearly three-quarters (73%) want to use online funds transfer for making payments to third parties instead of paying by cheque or cash.
Furthermore, CashEdge says around of consumers (33%) are interested in real time/immediate funds transfer even if it involves an additional fee.
Commenting on the research, Sanjeev Dheer, chief executive officer of CashEdge, says consumers are actively seeking services that will make their financial lives more efficient, even if that means paying a fee or leaving a trusted institution for the ability to access their funds and transact in real time.
"For financial institutions, the value of the online channel has never been greater. Effectively leveraging this underutilised channel has become a pre-requisite for competing in the industry," adds Dheer.