Online Banking Leads to Big Payoffs for Banks and Customers Alike, Study Shows

Online banking platforms have long been heralded for the level of convenience they offer customers, but new research shows there are financial benefits for both consumers and banks as well.

A recent Fiserv reports explains that customers who receive e-statements and e-bills through online banking platforms are 64 percent less likely to contact Customer Service representatives regarding their accounts each month than those who receive hard copies, American Banker reports. Instead, these customers find resolutions through online banking services. The trend allows financial institutions that offer these services to save roughly $4 per each call center phone call, the news source adds. Other institutions have corroborated these claims.

“Our data shows that customers through our online and mobile banking services, [including electronic bill presentment], adopt an array of electronic, alert and information capabilities over time,” Wells Fargo Internet Services Group senior vice president Adam Vancini told American Banker.

Separate data also shows that individuals enrolled in online banking were more likely to pay their bills on time and stay more involved in their finances.

Leave a Comment