Top > Business > 2006 > March > 2006-03-02

Online Banking Pure Genius

Going to the bank to check your balance, transfer money or open an account is generally one of the most time consuming things one can do. First off, you have to make sure that you get to the bank before they close at a ridiculous hour like 4pm, next you have to stand on a queue and wait for someone to help you take care of your business. The solution to this is online banking, and it has become the preferred transaction method among banking customers, according to the J.D. Power and Associates 2006 Retail Banking Satisfaction Study released Tuesday.

With rising fees and additional costs for banking customers, the study confirms that transactions have the greatest impact on a customer`s overall satisfaction with their bank. The average online transaction takes just 2.8 minutes to complete, versus 7.7 minutes of combined wait and transaction time with a branch teller. Overall, in-person branch transactions are conducted most frequently and are next highest in satisfaction, followed by ATM and online transactions.

Jeff Taylor, director of the banking practice at J.D. Power and Associates says, "Banks certainly face a challenge in today`s extremely competitive market in that customers crave the convenience of banking online, yet still also require a personal touch.
Customers overwhelmingly appreciate the convenience of banking online, however, those who visit the branch often tend to have lower satisfaction levels after leaving.