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U.S. consumers and electronic banking, 1995-2003

Author

Listed:
  • Christoslav E. Anguelov
  • Marianne A. Hilgert
  • Jeanne M. Hogarth

Abstract

The availability and variety of electronic banking technologies in the marketplace has greatly expanded in recent years. For financial institutions, e-banking technologies can speed processing, reduce costs, and help attract and retain customers. For consumers, they can save time and money and may be more convenient than more traditional ways of banking. This article draws on data from two nationwide surveys to look at consumer use of such products and services as debit cards, pre-authorized debits, and computer banking, particularly as use relates to consumer demographic characteristics and consumer perceptions. ; The data show a consistent increase in the proportion of consumers using a variety of e-banking technologies. Consumer attitudes toward e-banking generally have become more positive over time, with more consumers seeing e-banking as convenient, familiar, easy to use, and secure. The use of some technologies, particularly debit cards, has become more democratized over time, but it is still the case that most e-banking technologies tend to be used by higher income, higher asset, younger, and better educated households. ; E-banking technologies hold the promise of helping families manage their money, pay their bills on time, and avoid overextending themselves with credit. To take full advantage of them, however, consumers need to become aware of the evolving array of e-banking technologies available to them and understand how different technologies fit with their financial management needs. Financial planners and consumer educators, working with both families and financial institutions, can help the promise become a reality.

Suggested Citation

  • Christoslav E. Anguelov & Marianne A. Hilgert & Jeanne M. Hogarth, 2004. "U.S. consumers and electronic banking, 1995-2003," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 90(Win), pages 1-18.
  • Handle: RePEc:fip:fedgrb:y:2004:i:win:p:1-18:n:v.90no.1
    DOI: 10.17016/bulletin.2004.90-1-1
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2004/winter04_ca.pdf
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    Citations

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    Cited by:

    1. W. Scott Frame & Lawrence J. White, 2009. "Technological Change, Financial Innovation, and Diffusion in Banking," Working Papers 09-03, New York University, Leonard N. Stern School of Business, Department of Economics.
    2. Russell Kashian & Robert Drago, 2017. "Minority-Owned Banks and Bank Failures After the Financial Collapse," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 46(1), pages 5-36, February.
    3. W. Scott Frame & Larry Wall & Lawrence J. White, 2018. "Technological Change and Financial Innovation in Banking: Some Implications for FinTech," Working Papers 18-28, New York University, Leonard N. Stern School of Business, Department of Economics.
    4. Hsueh-Ying Wu & Chun-Chun Lin & Cheng-Lung Li & Hsing-Hui Lin, 2010. "A Study Of Bank Customers’ Perceived Usefulness Of Adopting Online Banking," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 4(3), pages 101-108.
    5. Francisco J. Callado-Muñoz & Jana Hromcová & Natalia Utrero-González, 2014. "Effects of Institutional Environment and Technology Development on Payment Choice," Working Papers wpdea1403, Department of Applied Economics at Universitat Autonoma of Barcelona.
    6. Prem Shamdasani & Avinandan Mukherjee & Neeru Malhotra, 2008. "Antecedents and consequences of service quality in consumer evaluation of self-service internet technologies," The Service Industries Journal, Taylor & Francis Journals, vol. 28(1), pages 117-138, January.

    More about this item

    Keywords

    Electronic funds transfers; Internet banking;

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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