The Herald Bulletin

Morning Update

Local Business

September 28, 2013

Banking on the web offers convenience, safety

More customers are using online services

ANDERSON — Technology is making banking easier — and officials say it can save you money.

“I think a lot of people misjudge online banking,” said Jan Mansfield, assistant vice president with Key Bank, 800 Main Street. “Basically you can do everything online.”

Mansfield said online services have expanded to include the ability to move money, monitor account transactions and pay bills. Depositing checks is even possible with the use of a smartphone app.

“People should know that they can bank at the level they are comfortable with,” she said. “You can pick and choose what makes sense for you.”

Mansfield said banking is now more convenient and user friendly, and she tries to customize banking on an individual basis.

“We don’t tell our clients to go to key.com; we give them the tools and show them how to use them,” she said. “I’m sure if we did not do it that way, we would not have as many people using it.”

Mansfield said about 85 to 90 percent of new banking customers are using the online services and 50 percent of existing customers use it. When online banking was first introduced, Mansfield said she thought online banking would only be something used by younger generations, but its popularity has increased.

According to a recent study by the Pew Research Center, "51 percent of U.S. adults, or 61 percent of Internet users, bank online. The study also showed that 32 percent of U.S. adults, or 35 percent of cell phone owners, bank using their mobile phones."

According to the information collected, men are also more likely to bank online than women and all generations younger than 65 are turning to online services for their banking needs. About 47 percent of those 65 and older said they bank online, the study states.

The banking industry has always been a leading innovator when it comes to customer convenience, including the installation of drive-thru services and ATMs and now apps.

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