Prior to the advent of internet banking, extensive research was already being conducted in this field. Today, the study of internet banking continues to expand, with an increasing number of participants. As internet banking becomes more widely used, it provides researchers with more opportunities and topics to explore.
One such study explored the devastating effects of identity theft on individuals. The victims of identity theft often faced difficulties obtaining employment, loans, insurance, and even conducting business at a bank, including internet banking. Some of them even found themselves in dire circumstances.
The study recommended that banks, including internet banking institutions, position themselves as the guardians of identity protection to reduce their losses and potentially generate revenue through fees for this service.
As internet banking continues to grow in popularity, researchers are studying the various aspects of this mode of banking. One of the areas of focus is the security concerns that people have when using internet banking. A survey conducted showed that 78% of the respondents desired some form of identity verification to be carried out during unusual transactions on their internet banking accounts.
The growth of internet banking is evident, with studies revealing an increase in usage. One study documented a 9.5% rise in internet banking between 2006 and 2007, while another projected that 76% of households with internet connectivity would engage in internet banking by 2011.
Despite its rising popularity, there are other banking-related activities that are expected to decline. For instance, the practice of viewing bills electronically is projected to decline, as well as the usage of alternative payment methods such as bill paying by phone, outside of internet banking.
Studies have explored the preferences of consumers regarding alerts for their internet banking accounts. The results showed that consumers are in favor of receiving alerts for various transactions and activities related to their accounts.
They desire to be informed about their upcoming bill payments, their payments’ status, and the clearing of their checks. Additionally, they want alerts to detect any potential fraudulent activities.
Research has also analyzed the demographic of internet banking users. It has been observed that middle-income individuals who use internet banking have a concern about losing control without proper records. Improving record-keeping can increase their comfort level and encourage them to use online banking.
The lack of usage of internet banking among those with lower incomes is a topic of study. Conversely, the over-$100,000 group seems to embrace the use of internet banking and is less fearful of potential risks. This may be because they have more financial stability and are less likely to experience overdrafts.
The use of internet banking within social networks is another area of study. This involves groups of people, typically in their 30s and 40s, pooling their funds to make financial deals with institutions. Researchers are investigating the impact of this trend on internet banking for these individuals and all users.
The study of internet banking will continue as long as the practice exists, as banks strive to understand how to remain profitable and improve their services for customers.
