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comScore Analysis Reveals Usage of Online Banking and Bill Payment Have Grown Dramatically in the Past Year

Study Ranks Nations Top Banks by Online Adoption, Engagement and Loyalty

RESTON, Va., June 17, 2004 comScore Networks, industry leader in the measurement and analysis of consumer behavior and attitudes, today released an analysis of the state of online banking in the U.S. comScore found that more than 22 million users logged into accounts at the nations top ten banks in the first quarter of 2004, representing growth of 29 percent versus Q1 2003. During this same period, usage of online bank bill payment services has grown by 37 percent.
Online banking and bill payment continue to be among the fastest growing applications on the Internet, said Jim Larrison, vice president of comScore Financial Services Solutions. The continued proliferation of broadband access, coupled with heavy online and offline promotion, have helped the nations largest banks bring more than 5 million customers online in the past year.

Consolidation Debt Mortgage More than 4.6 million consumers, or about 20 percent of the online banking population, actively used online bill payment services offered by the top ten banks. These consumers paid an average of 14 bills online during the quarter, with an average value of approximately $250. The total value of bills paid by consumers though the top ten banks in Q1 alone was nearly $17 billion.

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Consolidation Debt Help Previous comScore research has shown that consumer use of online bill payment is correlated with greater loyalty to a bank and higher account balances, continued Mr. Larrison. These benefits, along with the significant cost savings that come with processing transactions online instead of on paper, have led top banks to offer their customers compelling incentives to use such services.

Consolidation Credit Debt Offering our customers free and innovative online bill payment services continues to be an important area of focus for Bank of America," said Sanjay Gupta, e-Commerce executive for Bank of America. "The adoption rate among our customer base is a clear indication that consumers value the convenience and security of online bill payment."

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Bill Consolidation Debt In addition to its assessment of online banking, bill payment and customer acquisition growth in the past year, comScores Q1 2004 Online Banking Report also includes an analysis of the competitive landscape. With the Q1 report, comScore launched the Online Banking Development IndexTM (BDI) to serve as a composite benchmark of a banks performance in engaging its customers online. The Index is comprised of ten components across three major categories: Adoption, Engagement and Loyalty.

Nevertheless, Have you paid your bills on time Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy, if that history is reflected on your credit report. What is your outstanding debt Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.

Consolidation Debt Quote In Q1 2004, Bank of America led the top ten banks with a BDI of 118, followed by Citibank (115) and Fleet (114). While Bank of America is strong across the board, its greatest strengths were in the Adoption and Engagement categories. Bank of America continues to grow its online customer base at impressive rates, despite an already large foundation of users. Moreover, Bank of America is second only to Citibank in the percentage of its online customers who use bill pay services.

comScore Online Banking Development Index (BDI) To further enhance customer service, Bell Canada plans to integrate its electronic bill presentment with online bill payment. The company is working with a consortium of six major banks on the project. Customers will be able to view and print their bills as Adobe PDF files from the bank site or the Bell Canada site, and then pay online. Consolidation Debt Lead Source: comScore Networks Q1 2004
	BDI
Consolidation Debt Non Profit Bank of America**	118
Consolidation Debt Loan Online Citibank*	115
Consolidation Debt Home Loan Fleet	114
Christian Consolidation Debt Washington Mutual	97
Consolidation Debt Information Bank One	97
Agency Consolidation Debt Wachovia***	96
Consolidation Debt Solution Wells Fargo	93
California Consolidation Debt Chase	92
Consolidation Debt Loan Uk Sun Trust	91
Consolidation Debt Equity Home USBank	89

Consolidation Debt Government *Leader in Adoption category

Consolidation Debt Firm **Leader in Engagement category

Consolidation Debt Financing ***Leader in Loyalty category

Consolidation Consumer Credit ComScores Q1 2004 Online Banking Report includes:

Consolidation Debt Free Quote Quarterly online banking growth statistics

Card Consolidation Counseling Online banking usage profile (top activities, average number of logins, time spent, etc.)

Consolidation Debt Lender Demographic analysis of online banking users

Calculator Consolidation Debt Quarterly online bill payment statistics

Best Consolidation Debt Loan New account acquisition statistics

Consolidation Counseling Online Banking Development Index rankings

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Banking industry professionals and members of the media may request the comScore Networks Online Banking Report by sending an e-mail to banking@comscore.com.

Best Company Consolidation About comScore Networks

Consolidation Debt Lending ComScore Networks provides unparalleled insight into consumer behavior and attitudes. This capability is based on a massive, global cross-section of more than 1.5 million consumers who have given comScore explicit permission to confidentially capture their browsing and transaction behavior, including online and offline purchasing. comScore panelists also participate in survey research that captures and integrates their attitudes and intentions. Through its patent-pending technology comScore measures what matters across a broad spectrum of behavior and attitudes. comScore consultants apply this deep knowledge of customers and competitors to help clients design powerful marketing strategies and tactics that deliver superior ROI. comScore services are used by global leaders such as Microsoft, Verizon, Best Buy, The Newspaper Association of America, Knight Ridder Digital, Nestl, Wells Fargo & Company, GlaxoSmithKline, and Orbitz. For more information, please visit www.comscore.com.

Business Consolidation Debt Contact:
Graham Mudd
comScore Networks
(312) 775-6539
press@comscore.com

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