Customer satisfaction with online banking software is on the rise. The Foresee Results/Forbes.com Online Financial Services Study utilizes the methodology of the American Customer Satisfaction Index to study the level of customer satisfaction with the quality of financial goods and services in the United States.
Foresee Results and Forbes.com found that customer satisfaction with the online banking industry has reached an all-time high, at 83 out of 100 points on the ACSI scale. To put this number in perspective, 80 points is considered the threshold for excellence. The study notes a consistently upward trend in online banking customer satisfaction over the last seven years and five consecutive study periods.
Online Banking – Internet Bill Payments, Savings Management and More
Online banking software allows bank account holders to perform a number of important banking transactions from their home or office computer, including:
- Finding information on new products or services.
- Opening new bank accounts, applying for loans, or purchasing investment products online.
- Paying bills online.
- Setting up automatic savings programs.
- Viewing current account, loan and mortgage balances, transactions and statements.
- Transferring money to internal or external accounts.
Types of Online Bank Accounts
Online banking software can accommodate most of the services offered by traditional banks. Customers can open and operate a checking account, savings account, investments, mortgages, loans and more, often from one banking interface.
Banking customers can choose to deal with a large or small bank, or a credit union online. Most traditional banks now offer online banking and several companies, such as ING Direct and NetBank, operate exclusively online.
Choosing the Best Online Bank
Customers may choose to use the online banking services of the bank already holding their accounts, or find an online bank to suit their individual needs. Three important factors to consider when choosing the best online bank are:
- Online banking software functionality: choose an online bank that provides all of the necessary operations and functions, such as bill payments, statement viewing, personal information updating, etc.
- Online bank account security (see below).
- Interest rates on deposits and borrowing.
How to Ensure Secure Online Banking
In Canada, choose a bank and savings products that are registered with the Canadian Deposit Insurance Corporation (CDIC). In the United States, select an online bank with coverage from the Federal Deposit Insurance Corporation (FDIC). These entities protect consumer deposits in the event a bank fails.
While banks have measures in place to protect the integrity and security of their online banking software, account holders are responsible for creating secure passwords, logging out after banking sessions, and protecting their banking information at home and online.