Digital Insights

Consumers

• Across the gender spectrum, more men responded that they are “very likely” to leave their current financial institution for one that offers online tools to help them improve their overall financial well-being. This includes managing all of their accounts in one place and tracking towards a budget.
• More women than men reported that the most important factor of managing their finances online is how quickly they’re able to act on the financial information they see (i.e. make payments, transfer funds).
• Ages 18-29: 69% of women vs. 64% of men
• Ages 30-49: 63% of women vs. 61% of men
• Ages 50-65: 68% of women vs. 66% of men
• Over 65: 76% of women vs. 63% of men
• 55% of women and 59% of men between the ages of 18-29 said the most useful online banking feature is a tool or application that helps them track where they’re spending money.
• 45% of consumers surveyed between the ages of 50-65 said they use online banking tools for budgeting tasks.

What’s your most pressing financial management concern right now?

• People are feeling the pinch of a strained economy, and 42% of respondents are most concerned about living within their means and paying bills.
• In a very distant second is saving money for a rainy day, with only 15% of respondents naming that at their most pressing concern
• Saving for retirement is also on the minds of American consumers, with 14%
• While saving is important, so is getting out of debt. 13% of respondents are most concerned with dealing with credit card debt.

Small Business

• 66% of small business owners keep their business and personal accounts with the same financial institution.
• 33% of male and 29% of female small business owners ages 18-29 have increased their use of financial management tools since fall 2008.
• The increase in Gen Y users is more than double the increase in other age groups.
• 79% of respondents most trust their bank or credit union Web site to keep their financial information secure.
• Both men and women responded that saving time is among the most important aspects of managing their businesses’ finances online.
• 24% of small business owners ages 18-29
• 26% of small business owners ages 30-49
• 28% of small business owners ages 50-65
• 29% of small business owners older than 65

Which of the following business activities would you like to manage online?
Ranked in order of the most popular answers:

• View balances, pay bills, transfer funds – 62%
• Process invoices – 33%
• Make remote deposits – 33%
• Process credit card/ACH payments – 31%
• Prepare/plan/file taxes – 29%
• Learning about/purchasing new products/services that could help my business – 25%
• Manage payroll – 24%
• Conduct business research/prepare filings – 24%
• Open/fund new accounts – 23%
• Learn/share best practices for running a business – 23%
• Apply for loans/lines of credit – 21%