The results of a recent survey reveal that four out of five households with internet access choose to bank online. The Consumer Billing and Payment Trends study - conducted by Fiserv - also shows that more Americans over the age of 21 are opting for online bill pay rather than traditional payment methods.
According to the report, the number of households that bank online has increased 4 percent to 72.5 million from 69.7 million in February 2009. The number of Americans who use online bill pay has also increased 11.7 percent, raising the number from 32.6 million to 36.4 million. Consumers now pay 45 percent of their bills online, up from 12 percent in 2000.
The evolution of online banking and bill payment also has produced deeper relationships between banks and customers because consumers who use the services tend to use more of the financial institution's products and offerings, Fiserv vice president Geoff Knapp told Payment Source.
Technological innovations have enhanced consumers' access to financial tools and products, making it more convenient to control their finances, learn about new offerings and discover and correct mistakes.
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