Wednesday, February 09, 2005

Give Us (service) Online...And Be Quick About It!

The Pew Internet and American Life Project said that nearly half of Internet users (44%) now manage their bank accounts online, according to a survey Pew released today.

What makes this November 2004 survey significant is that:
  • This activity has grown faster than any other tracked since Pew has been doing this research (March 2000)
  • It shows growth in a non-entertainment category
  • It shows growth among a population that is mainstream (ages 28-39, men and women)

    OK, no surprise that those most likely to bank online come from more affluent households. (Add a few premium channels to a basic package, and a cable tv-internet access package can easily top $100 monthly.)

    Implications for your business:

    1. - Now that (technology late adopters, conservative culture) banks have opened this channel and met with success, it's time for you to re-examine what service(s) your clients might be ready for now. What ideas have been "parked" and should now be taken off the shelf?
    2. What other assumptions are you making about your current clients that bears re-evaluation?
    3. What projects under development need to become higher priority to meet this emerging market readiness (and to avoid losing clients/customers to faster competitors)?
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