May 24, 2011 04:00 AM Eastern Daylight Time
LONDON--(BUSINESS WIRE)--Between 2008 and 2010, consumers became 39% more likely to manage their credit card accounts online, according to research recently published in Cardbeat, a market research report on UK consumer credit card usage published by Auriemma Consulting Group (ACG). In 2010, 61% of consumers used their credit card websites to manage at least some aspect of their credit card accounts. Comparatively, in 2008, just 44% of credit cardholders managed their accounts online.
“There are two primary drivers of consumers’ increased reliance on the internet to manage their financial services accounts: card issuer websites have dramatically improved over the past 2 years, and consumers are increasingly reliant on the internet as a primary source of information for sensitive personal and financial information.”
When specific account management activities are examined, similar increases in consumer reliance on online account management tools becomes apparent. For example, in 2010, consumers were 60% more likely to go online to review recent credit card transactions, versus just 40% in 2008. Further, consumers were twice as likely to go online to order a replacement card (for a card that was lost or stolen) as they were in 2008 (36% vs. 18%).
| Percentage of Credit Card Users | |||||||
| Credit Card Account Management Activity | Who Perform This Activity Online | ||||||
| 2008 | 2010 | ||||||
| Review recent transactions | 40% | 64% | |||||
| Check account balance | 40% | 64% | |||||
| Pay credit card bill | 33% | 65% | |||||
| Check payment due date | 33% | 56% | |||||
| Order a replacement card | 18% | 36% | |||||
Megan Bramlette, Director of International Knowledge Management for ACG says, “There are two primary drivers of consumers’ increased reliance on the internet to manage their financial services accounts: card issuer websites have dramatically improved over the past 2 years, and consumers are increasingly reliant on the internet as a primary source of information for sensitive personal and financial information.”
Matt Simester, Managing Director of ACG adds, “As consumers become more comfortable using smartphones and the web for personal transactions and information sharing, this trend of increased online account management is set to continue. However, paper- and phone-based servicing will continue to play a role in credit card account management until tools are developed that allow cardholders to conduct more complex tasks online, like reporting fraudulent activity.”
Cardbeat is a syndicated market research service that tracks changes in consumer attitudes towards topics that affect the payments industry. Cardbeat provides subscribers with reliable data about what consumers are thinking, how they behave and what motivates them. Subscribers are able to suggest new survey topics, and the service is designed to accommodate new questions on short notice. For additional information about this press release, please contact Megan Bramlette at +44 (0) 207 629 0075 or megan.bramlette@acg.net.
About the Auriemma Consulting Group
Since 1984, ACG has offered comprehensive management consulting, research, industry roundtable and benchmarking services to the financial services industry. ACG clients include credit card issuers and networks, commercial banks, auto and mortgage lenders, merchants, and industry vendors. With offices in London and New York, ACG offers actionable solutions to help clients make important business decisions to maximise their efficiencies and revenues.
