- More mobility, more logins: People who banked online – those signing in from a desktop computer – logged in roughly 10 times a month. Mobile banking users increased the number to approximately 19 times a month. That jumps to 31 times per month, when logins from tablets are added to the mix.
- When looking at Boomers and Seniors in a supplemental study, Intuit found they login 11 and 12 times a month respectively. And, these consumers access their financial information every third day.
- Higher engagement, better financial outcomes: Highly engaged consumers of Intuit clients that used multiple digital banking devices to access their services were 61 percent more profitable than offline customers.
- Better retention: Financial institutions were 2 percent more likely to retain Intuit online bill pay customers over the course of a year, resulting in up to $150,000 plus in cost savings to a mid-sized financial institution annually. Research reports indicate firms spend $150-$200 to acquire a new checking customer.
- Plastic pays: The average Intuit Purchase Rewards consumer generated 47 percent more monthly debit card purchases than those online customers who didn’t use Purchase Rewards. This produced an estimated additional $50 of interchange fee income each year per consumer for financial institutions.
“Most financial institutions measure from too narrow a perspective, including only items such as Web site traffic and online and mobile enrollments,” said Jason Weinick, senior analyst for Intuit Financial Services. “By adding the metrics that matter, such as relationship depth, debit card usage and demographics, financial institutions get the data they need to get a complete financial analysis and ultimately increase their bottom line.”Suggested Links: Learn more banking insights at Banking.com. Follow Intuit Financial Services at FinanceWorks on Twitter. Read more on the impact of Baby Boomers and Seniors on online banking About Intuit Inc. Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by offering innovative online and mobile banking solutions that make it easier for consumers and businesses to manage their money. Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com. About Intuit Financial Services Intuit Financial Services helps banks and credit unions grow by offering innovative online and mobile banking solutions that make it easier for consumers and businesses to manage their money. Applying more than three decades of customer insights and innovation to design its products, Intuit provides solutions that help financial institutions achieve higher customer engagement and profitability. Learn more at www.ifs.intuit.com. Intuit and the Intuit logo, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.