OREANDA-NEWS. November 23, 2010. As the number of online banking users is nearing the maximum and the share of electronic payments has risen to 99%, the intensity of online communication keeps increasing. In future, finances will be managed on the move: using a laptop, phone or a multimedia device. Also, most likely, for the so-called Google generation online banking will be the major channel of communicating with the bank, reported the press-centre of Swedbank.

These forecasts were presented at the discussion ‘Managing Finances Online: Trends, Forecasts and Expertise’, which was organised by Swedbank.

Internet banking of the future will be a complete environment of information, budgeting and communication. The tailored internet banking environment will provide not only account statements and payment functionalities but also smart finance planning tools, consultations and advice.

”More than 10 years have passed since we launched the first online banking facility in Latvia, and today almost every second Latvian uses remote financial services on a daily basis. Along with the most important online banking function, money transfers and bill payments, it can be projected that in future the full range of banking and financial consultation services will be offered through online banking. We are pleased that the versatile needs of Swedbank’s internet banking users have helped us to become the best bank in Latvia in the electronic payments area, and it also drives us to improve further what we have achieved so far,” said Oksana Sivokobilska, Board Member, Swedbank Latvia.

According to the statistics, 36% of Latvians use Swedbank’s online banking facility, and for many it is the main reason for using the Internet. People visit their online banking facility on average six times per month, and the main reason is to view their account balance. Furthermore, 90% of all online banking users make remote payments, as it is faster, more convenient and cheaper than at a bank branch: the total number of electronic payments per month is on average 3.5 million. Most payments are made to utility, telecommunications and housing management service providers.

More and more customers prefer automatic payments. Swedbank’s online banking users have drafted more than 4 million of their own payment orders and chosen the direct debit feature. The number of automatic payments through Swedbank reaches up to 300,000. Also the number of BankLink payments is growing constantly, and currently on average 250,000 purchases per month are paid online. More and more customers choose to receive electronic bills, which are also environment-friendlier, instead of paper bills.

Online banking becomes more significant in personal budget planning: 60% of online banking customers check and follow their account balances more carefully, and more than 1.3 million account statements are requested per month. More than 50,000 customers use the money planner, and more than a half million users use the tool that categorises their expenses.  Also, more than 100,000 online banking customers are using a financial product acquired trough the online banking facility: lending products, deposits, insurance and daily services.