For the First Time, Banking Breaks Into Top 50 U.S. Internet Properties

Wednesday 30 June 2004 13:03 CET | News

Bank of America has become the only financial institution to be ranked among the top 50 U.S.-based Internet properties, as more people go online to research financial products, open accounts and pay bills.

According to the comScore Media Metrix ranking of top 50 U.S. Internet properties, nearly 11.9 million unique visitors went to the Bank of America site in May, ranking it as the No. 41 property among U.S. Internet users. That was up from 10.3 million in February, when the bank broke into the top 50. The most popular areas of, ranked by number of visits, are: online banking, credit cards, the branch and ATM locator, deposits (checking and savings), small business and mortgage. As of the end of May, Bank of America had almost 11 million active subscribers and 4.3 million active bill payers. According to a June comScore report, that represents the largest active online customer base in the country. comScore also reported that Bank of America captured more than half of all active bank bill pay accounts in the fourth quarter of 2003. There are three reasons for the larger number of people going online for financial services: more features, more product and service details for consumer research and greater simplicity. 1. More features. Customers have access to more features that help them manage their accounts. For example, they can: - See check images online. In April, customers retrieved more than 11 million images of their checks. In April of 2003, customers retrieved just over 4 million. - Receive bills online. In April, customers received 3.2 million bills, valued at $5.6 billion. In April of 2003, customers received 1.1 million bills, valued at $3.3 billion. - Pay bills online. In April, customers paid 19.5 million bills online, compared to 12 million the same time last year. - Receive electronic alerts for when a direct deposit has posted, when there are overdrafts or when credit card payments are made. This service was launched in part of the country in mid-May, and already has delivered nearly 1 million alerts. 2. More details. Financial Web sites have more information, giving consumers an easy way to research products and services, and then buy what they need. So far this year, customers have opened about 600,000 accounts online, including checking, savings and credit card accounts. Moreover, a recent Bank of America study found that 17 percent of people who open deposit accounts in the banking centers had already done research at the Web site first. A study by The Customer Respect Group estimates that online research precedes almost 11 percent of in-store purchases. 3. Easier to navigate. The Bank of America site is easy to navigate, enabling consumers to quickly find the information they need, apply for accounts or pay bills. For example, an enhanced search system provides answers to questions faster and easier, with more accuracy. Also, customers can find information faster, with fewer clicks. An independent study by Vividence ranked Bank of America No. 1 for best overall online banking experience to prospective customers. The Customer Respect Group ranked Bank of America No. 4 among Fortune 100 companies Internet sites for online customer experience. Bank of America was the only financial institution ranking among the top 10.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech