With Internet use on the rise in all demographics and the rapid development of user-friendly Web 2.0, online banking is growing into a more common online activity. A survey conducted by the USC Annenberg Center for the Digital Future shows that almost 40% of Internet users conducted some degree of online banking in the last year, and with developers creating better applications in the Web 2.0 wave, that number is expected to increase. The survey shows that the majority of time spent online is email-related, on top of general Web browsing and news reading. Online banking has existed for a number of years, though many have slowly received it. With the number steadily increasing, banks and developers are looking to popular Internet sites to expand online banking, especially to a younger
The Online Shopping report by Pew Internet and American Life Project shows that most online banking is done by adults. As of September of last year, the report claims that about 39% of the adult population in America conducts online banking.
The same report found that the online banking trend is higher with more affluent adults compared to lower incomes.
The smallest demographic to use online banking is the 18-32 year-old range, but with Web 2.0 developments that trend may soon change.
Many banks and developers are working on applications that will make online banking easier and more accessible, possibly through social networking sites.
Such ideas show that the online revolution partially spearheaded by social networking sites is quickly growing into other Internet facets, having already extended a grasp on the corporate world through company networking sites specifically for employees.
As Web 2.0 develops, online banking will grow, and it may not be long before we see applications made available on Myspace and on mobile platforms.