Many consumers not sure if PFI offers Net banking

OAKBROOK TERRACE, Ill. - Internet banking is just one of the high-tech solutions that analysts have described as a "killer app" that is essential for financials to keep customers. But is it? A just-released study by the Raddon Financial Group (RFG) shows that 58% of consumers don't even know if their primary financial institution offers online banking. RFG's semi-annual national consumer research study surveyed close to 1,400 consumers. Awareness of Internet banking solutions among consumers improved slightly over last year. Last year's RFG study found that 62% of consumers didn't know if their PFI offered online banking. Twenty-nine percent of consumers surveyed said they knew their PFI offers on-line banking, while another 13% said they were sure their PFI did not. Robert O'Meara, VP of Research for RFG, said financials have been successful marketing online banking to the Internet's early adopters, but are having trouble penetrating less tech-oriented segments. Younger consumers and consumers with higher income were found to be the most aware of their PFI's online banking solutions. The study also looked at the features consumers value the most in an online banking program. The most valued feature (cited by 68.4% of consumers) was the ability to view check clearings. Next came the ability to obtain current account balances (67.5%). See accompanying chart for other features consumers said they value most from their Net banking product. For more information visit www.raddon.com