Rapid Growth in Online Credit Card Services – Up 57%

August 8, 2007

This article is included in these additional categories:

Financial Services | Retail & E-Commerce | Youth & Gen X

The use of the internet for credit card account management has increased significantly, with customers visiting card issuers’ sites 57% more often to service their accounts in 2006 than in 2005, according to a comScore study of online credit card services. That increase follows a similar – 55% – rise in 2005 over 2004.

Strong growth in online servicing has continued in the first quarter of 2007, as the number of customer visits to issuers’ sites jumped to more than one billion, an increase of 32% versus the same period a year ago, comScore reported.

comscore-credit-card-online-visit-growth.jpg

As part of the study, comScore measured consumer attitudes toward online servicing of credit cards:

  • 63% of credit card users find online servicing important to their overall experience with their credit card.
  • 69% of all customers have logged into their credit card website at some point in time.
  • 58% of online customers log in more than once a month.
  • Among customers for whom online servicing is important, viewing online statements, paying credit card bills, and disputing charges were cited as the most important online services:

comscore-credit-card-e-servicing.jpg

Also, according to comScore’s Credit Card Solutions Benchmarker, the number of online credit card payments has grown significantly during the past two years: In 2006, 524 million credit card bills were paid online – a 73% increase versus 2004.

comscore-credit-card-online-payment.jpg

Regarding the enrolling of customers for paperless credit card statements  – big cost-saving opportunities for issuers – the comScore survey found…

  • 62% of credit card users are either already using the service or are willing to use the service.
  • Issuers can expect paperless adoption to grow with rising adoption among younger consumers, as those age 18-44 are 20% more likely to use the service than consumers age 45 and older.
  • Incentives and appeals can boost further adoption of paperless statement service among various customer segments, with 58% of them being enticed by a cash incentive.

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