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Fast Facts: CONVENIENCE OF FINANCIAL SERVICES

The simultaneous growth of online and branch banking
FACT: Online banking has transformed the financial services industry. 77% of banking customers bank online each month. 16% of banking customers bank online every day. FACT: Internet banking is now customers preferred way to access account information, according to a 2012 Ernst & Young global survey. FACT: The huge success of online banking can be attributed to its convenience and accessibility customers can decide when they interact with their bank. FACT: According to a Cisco 2012 survey, 42% of customers consider banks to be the most trusted stewards of their online account and identity data, even more so than: Government (19%); Telecommunications companies (6%), and; Social media sites (4%). FACT: While the majority of customers prefer to use internet banking to access account information or conduct banking transactions, 71% of people would still rather visit a branch when conducing complex transactions or seeking advice on products and services, according to Ernst & Young. FACT: Branch banking is alive and well. Over the last forty years, the number of bank branches has nearly quadrupled, growing from 21,839 nationwide in 1970 to 82,455 in 2010.

August 2012

Thats not all. Mobile banking has dramatically increased over the last few years as the new frontier of convenience. Next week, we will look at the growth of mobile banking in closer detail..
Financial Services HOTLINE: If you have questions about this topic or any other issue facing financial services, please reach out to Abby McCloskey, Director of Research at the Financial Services Roundtable, at 202-589-2531 or Scott Talbott, Senior Vice President of Government Affairs, at 202-289-4322. Learn more about the Financial Services Industry at www.OurFinancialFuture.com. OurFinancialFuture.com is continuously updated to bring you the most useful information about the industry in real-time.
www.RoundtableResearch.org

August 2012