US online banking grew well in 2003

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By: Wise Marketer Staff |

Posted on January 1, 2004

US online banking grew well in 2003

Bank of America has praised the continuing growth of online banking services, revealing that its own online subscriber base has reached a total of 7 million users, up from 4.7 million at the beginning of 2003.

According to Bank of America the number of customers paying their bills online also increased significantly during 2003. The bank now has some 3 million bill payers, compared to 1.8 million at the beginning of the year.

"There are several reasons for the rapid growth: customers are becoming more comfortable handling their finances online, they're telling others how easy it is, and they're using enhancements that allow them to do more online," said Sanjay Gupta, e-commerce executive for Bank of America.

Online benefits For example, electronic statements allow customers to view their transactions and balances online instead of waiting for paper statements to arrive by mail. Internet banking users can use Bank of America's online cheque imaging service to see images of the front and back of banked cheques at any time. The bank's online service also provides access to the banking functions each customer uses most often on a single page. Customers can also request electronic copies of bills from more than 275 suppliers (such as utility companies and credit card companies).

"During 2003 we have seen how customers who don't consider themselves very 'tech savvy' have become comfortable with online banking," Gupta added. "We expect that trend to continue as customers find that they can do more of their banking online, 24 hours a day."

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