Fergie's Tech Blog

U.S. Consumers Losing Trust in Online Banking

A ComputerWorld-MacCentral article by Linda Rosencrance, via Yahoo! News, reports that:

U.S. consumers are not as enamored with online banking as they once were and are citing online security as their top concern, according to a report.

“The result is a slowing rate of adoption, with online banking households increasing by only 3.1 percent in the last quarter of 2005 — the lowest increase in three years,” according to Lisa Phillips, senior analyst at eMarketer and the report’s author. “The number of online banking households as a percentage of total online households is pretty stagnant, too. It is expected to grow by just 4 percentage points between 2006 and 2010, from 45.4 million in 2006 to 56.2 million in 2010.”

While that number may seem high, it is actually more conservative than the estimates of other researchers, Phillips said.

posted by Fergie @ 5/12/2006 07:07:00 AM