“US consumers are spending less time on traditional online banking sites, creating fresh challenges for banks as they scramble to attract retail deposits in a shrinking economy.
In general, engagement at many of the top banking sites declined in Q3 2008 versus a year ago, according to data released by comScore. Four out of the top five online banking sites experienced declines in the average number of minutes spent per visitor in the third quarter of 2008 versus a year ago, with Wachovia down 12% and JP Morgan Chase down eight percent.
Marc Trudeau, senior director, financial services, comScore, says: “Americans have less cash, are spending less and have experienced a significant decline in the value of their assets. As a result, we’re seeing shifts in the way consumers manage their finances online, such as less frequent and shorter visits to their banking Web site, which has significant implications for marketers trying to reach new and existing customers.”
Article continues …
Colin over at BankWatch has some interesting thoughts here, and I tend to agree – this data may have many explanations, other than people just simply using the internet less. Saying there is a ‘shift in the way consumers manage their finances online, such as less frequent and shorter visits’ is not due to the capability of internet banking itself, more the conditions in which we live.
As the capability of internet banking increases, so too will the control and confidence of customers in their money – these conditions should draw people to internet banking, not send them away.
As Colin says, people are too worried about the important things in life – family, work, basic existence, and avoiding their financial position.