Online Banking

http://www.youtube.com/watch?v=QCxkjci-WXY

Historical Perspective

• Started in the mid 1990’s

• Float Time

• “Check 21”

• Online Banks

Perception

• Identity Theft

• Multi Tasking

• Experiences

• Traditional Styles

Perception

• “Generation Y”

• Novelties

• Banks Values

Socio-Demographic Factors

• SurveyMonkey: Online Banking– Who was Surveyed – 12 questions

Generation Age Range Year RangeGeneration Y 18-26 1982-1990Generation X 27-43 1965-1981Baby Boomers 44-62 1946-1964Gray Market 63 & Up Before 1945

Results & Analyst

0

10

20

30

Positive Nuetral Negative

Opinion of Online Banking

Generation Y

Generation X

Baby Boomers

Gray Market

Results & Analyst

0

5

10

15

Time Spent On The Internet Per Week Generation

YGenerationXBabyBoomersGray Market

Results & Analyst

0

5

10

15

20

Viainternet

In Person MailStatement

PersonalCheckbook

Preferred Form of Banking

Generation Y

Generation X

Baby Boomers

Gray Market

Global Multi Cultural Factors

o Microculturles

– Microsoft Money Plus Premium for 2008

– Intuit QuickBooks

– Gift-giving

Global Multi Cultural Factors

o Australia –Demographics

oCanada- internet safety

Motivation

• Needs– Convenience

• Needs Online Banking Covers– Bank Balance– Transfers– Paying Bills– Information

Values

• Cultural Values

• Consumption-Specific Values

• Product Specific Values

Self-Concept

• Self-Concept

• Ideal Self Concept

• Social Self Concept

• Ideal Social Self

• Negative Self Concept

• Avoid Human Interaction at All Costs

Personality

• Shy, Quite, Reserved

• Self-Conscious

• Value the Dollar

Lifestyle

Attitude

Decision-Making Process

RESULT

Suggestions and Recommendations

• Keep technology up to date

• Cut out any sort of fee related to online banking

• Make deposits online

• Quicker viewing time or for transactions and pending transactions

Suggestions and Recommendations

• Banks could better display fees and interest

• Easy assessable fee and interest calculator on bank website

• Courses to better educate people on online safety and all online functions