More Consumers Making Switch to Online Banking

October 15, 2009

(NewsUSA) – Are paper checks headed the way of steam-powered

For years, paper bills have gradually begun to take a backseat to electronic banking. In
fact, according to a recent industry study by Celent Communications, if the current trend
continues, this year as many bill payments will be made electronically as with a paper

"You really can say goodbye to your checkbook," said Matthew Shepherd, marketing
executive with NetBank, a prominent Internet-centered bank. "Our online bill pay and consolidated
bill statement removes all the hassles of reviewing and paying your bills."

As more Americans find their free time dwindling, some discover that streamlining
certain activities, such as paying bills, can prove to be a fast and easy way to simplify their
lives. Many banks allow consumers to view and pay all their bills with a single click of a mouse
button, and some organizations even notify consumers via e-mail when they have received a new

Online banking has long been popular with college students, many of whom frequently move
between home and school and find the accessible, ubiquitous nature of Internet-based banks useful.
According to a survey conducted by NetBank, 50 percent of college students use online bill-paying

But for members of an older, more general population, it may be benefits other than
sheer accessibility that initially draw them to online banking. For example, due to the fact that
Internet-based banks have no brick and mortar locations and thus have no overhead costs, they can
offer lower service fees and higher interest rates – up to five times the national

However, regardless of what initially draws consumers to Internet banking, the ease
of online bill payments may be one of the factors that retain their patronage.

For more information about banking online, visit