Online Banking Surges 164% Since Early 2000

The Pew Internet Project reports information on the motives that drive consumers to the Internet. In March 2000, Pew researchers report that only 17 percent of Internet users (about 14 million Americans) had ever done banking online. By September 2002, 36 percent of Internet users (about 37 million Americans) did their banking online. These data reflect a 164 percent increase in the number of Americans using online banking. Online banking and online travel purchases have grown faster than any of the other online services that Pew has studied, However, that largely reflects the fact that online banking is "late to the table." In contrast to the estimated 37 million who use online banking, Pew Research estimates that 59 million use the Internet to buy or make a reservation for travel; 73 million use it to make purchases of any kind and 90 million to get hobby information.