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Online banking is currently the fastest growing retail banking channel, according to a new study from TowerGroup.
Each year, online banking is growing at a 27% pace, which will soon make it the primary way customers interact with banks, says eMarketer.com.
The number of transactions customers make at ATMs and bank branches will flatten, making online banking the main driver of retail banking transaction growth.
Jerry Silva of TowerGroup said, "Customer preferences are evolving from waiting in line for the teller, to going online for more and more of their needs.
Considering that many kids are helping their parents log online to bank, we can only expect these numbers to continue to rise as the younger generation actually starts to do their own banking.
I am big fan of online banking.
I remember when my bank was not
offering online banking, I have to
go to the bank or ATM machine to
check that if the payment which
i was expecting from a client has
been submitted to my a/c.
But now i just receive email alert
for each transection, and also i can
login and check whole a/c history.