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Online Banking Draws Nearly Half of Active Online Population

12 March 2009

New research shows 49 percent of the online population conducts most of its banking via the Internet.

New York - If American consumers are active online, chances are they are banking online, according to research released today by HSBC Direct, which shows 49 percent of the online population conducts most, if not all, of its banking via the Internet, up nearly 23 percent from early 2007.

And it's not just the younger generation which has embraced online banking. While the research showed that 62 percent of people ages 21 to 34 conduct the majority of their banking via the Internet, approximately 40 percent of Americans ages 45 to 69 are now doing most or all of their banking online too.

"People are increasingly turning to Internet banking because of the increased convenience, independence and typically better value that it offers," said Kevin Martin, EVP of Personal Financial Services, HSBC Bank USA, N.A.

The findings from HSBC Direct align with projections about the future for online banking from Forrester Research that indicates 92 million or 76 percent of American households are expected to be banking online by 2011. (1)

Web activity on HSBCDirect.com further reveals that consumers are taking full advantage of being able to bank online at times when banks are traditionally closed. Thirty-nine percent of customers using HSBCDirect.com last year conducted their online banking between 6:00 p.m. and 7:00 a.m. ET.

Data also suggests that customers like banking online on days when a brick and mortar bank would traditionally be closed. In 2008 the site experienced almost one quarter of its web traffic over the weekend, with the distribution equally split between Saturdays and Sundays. (2)

Kevin Martin continued: "Regardless of how and when they bank, consumers want to do business with a bank they know and trust. Not only does HSBC Direct offer one of the most competitive interest rates in the market, it's also a significant part of HSBC's presence in the United States, where we're one of the nation's leading financial services organizations.

"Globally, the HSBC Group reported pre-tax profits of US$9.3 billion for 2008, remaining one of the world's most profitable financial institutions despite exceptionally challenging market conditions."

Notes to editors

The HSBC Direct consumer research was conducted online in October 2008 among a random sample of 2,040 adults, 21-70 years of age, in the United States who are active online. For a copy of the research, please contact Neil Brazil, HSBC Public Affairs, on: 224 544 7638 or at neil.brazil@us.hsbc.com.

About HSBC Direct

HSBC Direct Deposit Accounts are offered by HSBC Bank USA, N.A. Member FDIC. Deposits are insured to the maximum permitted by law. For more information or to open an HSBC Direct online savings account, visit www.hsbcdirect.com.

About HSBC Bank USA, N.A.

HSBC Bank USA, N.A. has more than 470 bank branches throughout the United States, with over 380 in New York state and a growing network in New York, Florida, California, D.C., Pennsylvania, New Jersey, Delaware, Oregon, Washington, Maryland, Illinois, Connecticut and Virginia.

HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirectly-held, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC USA Inc. is one of the nation's largest bank holding companies by assets.

Media Contacts

1 Forrester Research, US Online Banking: Five-Year Forecast, March 19, 2007

2 HSBCDirect.com web traffic January 1, 2008 through December 31, 2008

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