Those Who Online Bank, Online Shop

Physician's Money Digest, January31 2004, Volume 11, Issue 2

In a survey conducted by MODASolutions, the leading provider of payment solutions that extend online banking to checkout, a compelling connection between heavy eCommerce shoppers and online banking users was revealed. The survey showed that online banking users spent an additional 34% more when shopping online. 80% of respondents indicated that the availability of a safe and secure online payment option was the most important factor when shopping online.

The survey also revealed that the total eCommerce average amount spent among those engaged in online banking in the 6 months leading up to the survey was $1060, approximately double the industry norms from a previous study. Finally, 50% of the US online buyer population made at least one online bill payment in the previous 6 months at their primary financial institution or bill payment portal. "The survey reveals two important insights into consumers' eCommerce habits," says Marwan Forzley, President and CEO of MODASolutions. "Online bill payers are more likely to be online shoppers, making them a lucrative target for retailers. But while these consumers trust their financial institutions, they’re still concerned about their financial security during online retail."