"Netizens" of the digital vault: the continuing expansion of online banking services.

• Author: Staker, Brian
• Position: Tech Knowledge

WITH EVERYTHING ELSE you have to do in your busy day, are you finding it hard to make time to do your banking? The solution may be at your fingertips. According to the Pew Internet and American Life Project, 32 percent of Internet users, or 37 million people, have done at least some of their banking online. A multitude of "Netizens" have found that they like online banking so much that they don't even miss their friendly neighborhood tellers. Online banking has become an integral part of the online shopping experience, making customer service as easy as point and click.

24/7 Service

Lee Carter, President of Online Banking at Zions Bank, explains that online access can provide a majority of the services a teller provides, with little or no additional cost. Checking your balance, viewing statements and transactions, ordering checks, transferring funds, applying for and accessing loans and credit card accounts, and getting copies of canceled checks are among the host of services available at the click of your mouse. Online banking also facilitates personal or company financial analysis, because transaction information can be downloaded directly into the user's PC. In addition to these benefits, some financial institutions even offer better loan and deposit rates for online customers, passing on savings from reduced brick-and-mortar expenses.

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Of course, Internet access is required, and cash transactions still must be made in person. But 24/7 access beats banker's hours hands down.

Sandra Smith, Retention Marketing Manager at Mountain American Credit Union, notes that many of MACU's members keep their accounts when they move outside the state because they can still access them online.

"Bill payer" is becoming one of the most favored online banking services, due to its convenience, making anything from credit card bills to utilities to parking tickets payable from the comfort of your office or home. "We form relationships with our customers depending on how they use our services," explains Mark Chapman, Media Relations Manager with Wells Fargo. "That helps determine their eligibility for discounted or free bill payer service." The fees are usually nominal, and the amount saved on the headache of juggling statements and scratching out checks, not to mention licking stamps, is well worth it. In addition, online payments are generally made and updated more...