Intuit Poll: Uptick in PFM
The number of Americans using online personal financial management tools from their financial institutions is growing, and nearly half recently switched banks or credit unions, according to a new survey commissioned by Intuit Financial Services.
The online banking company's third-annual online financial management survey was conducted by Decipher Research in September among 1,250 adults across the United States.
While half of the respondents said they primarily still use spreadsheets and checkbook registers to manage finances, more than a third use online tools, a 27% increase from last year's survey, the company said.
And just more than 25% of them said they now only visit their local bank or credit union branch once a month, and 52% said they would leave their current financial institution for one that offers better money management capabilities. Nearly half had switched recently, the survey found.
Bill pay and one place to manage finances were cited as the most important features by 84% of the respondents, and about one in five were using mobile banking, the survey found.
"Financial institutions must recognize the vital role technology plays in customer relationships so they can be the center of their customers' financial lives," said Sasan Goodarzi, president of Intuit Financial Services in Westlake Village, Calif.
The company also announced the debut of www.banking.com, a new platform for providing industry information and discussions for credit unions and banks.
Intuit Financial Services said it has about 1,900 customers, about half of them credit unions.