Online banking will grow 14% in next 5 years

According to Jupiter Research, the number of online banking households will grow at a compound annual growth rate of 14% to 56 mil over the next five years. The reason for the jump is simple – more households will connect to the Internet. In addition, more users are expected to tap into their employers’ high-speed connections to manage their personal finances. Once the purview of well-heeled consumers, online banking will see its strongest growth from lower and middle class households (defined in this study as those with income of $75,000 or less), which will use bank Web sites to manage credit cards and auto loans, Jupiter Research says.

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