Research/Metrics - Internet's impact on consumer behavior in banking from Anonymous: MarketingProfs Question 6277

Topic: Research/Metrics

Internet's Impact On Consumer Behavior In Banking

Posted by Anonymous on 3/18/2005 at 10:50 PM ET 250 Points

i m doing a research on what has been the impact of internet on consumers' behavior in banking sector

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Posted by Carl Crawford on 3/19/2005 at 12:52 AM Member

i am 19, and will never use internet banking. it is to dam unsafe, with all the browser holes that let people steal your password and stuff, also i like to be able to talk to a person not a machine.

if they try to force me into an online system i change bank, i have already changed once this year. They have lost me as a customer forever.
Posted by koen.h.pauwels on 3/19/2005 at 7:02 PM Accepted

I believe the impact is more nuanced: many customers love the internet for making routine operating more convenient (making transfers, checking balances, etc.) and gathering initial information about eg mortgages and investment options. However, many will want to talk to a live banker for more detailed information and opinions on what to choose. In this sense, the Internet works similar for banks as it does for many other products: improving certain buying process stages without supplanting all. On the supply-side, the internet enables banks to mirror the consumer impact: automating routine operations and focusing on expert added value for the customer (similar to what ATMs did in the 70s).