Bank on It

By May 01, 2007

Never mind convenience: Banks have solid fiscal reasons for urging customers not only to check balances and transfer funds online but to pay bills as well, according to a survey done for Forbes.com’s e-mail newsletter.

The study shows that online bill payers are 7% more likely to be satisfied with their financial institutions than those who just use the Web for basic functions. And they generate lower service costs — 44% use the Web site for self-service transactions such as ordering checks.

Moreover, 33% are more apt to purchase other services and 9% more inclined to recommend their bank to someone else.

The survey polled 900 Forbes e-newsletter subscribers and was done by ForeSee Results.