Cardholders want online management, TSYS® survey says
The Internet arrives as a key credit card services channel
Columbus, Ga., June 24, 2003 - Most adult credit cardholders with Internet access now use the Web to manage their accounts despite continuing concerns about fraud and loss of privacy, according to the recent Online Consumer Credit Card Survey commissioned by TSYS®.
"We've learned that savvy cardholders increasingly choose the Internet to resolve questions or concerns about their credit accounts over their local bank branch or accessing telephone customer service. That's a drastic departure from established habits even 18 months ago," says Olin Wise, senior director of E-Business Services for TSYS. "Credit-issuing institutions that are not equipped to meet these needs online face an imminent risk of losing many of their strongest customers."
- The TSYS Online Consumer Credit Card Survey, released today, reveals several key findings:
57% of all adult credit cardholders who use the Internet now manage one or more aspects of their credit card accounts online. Many of these cardholders have only started to manage their accounts online in the past 12 months. - 54% of Internet cardholders have shopped for a credit card on the Internet, and nearly one-half have applied for a card online.
- Cardholders who use the Internet to manage their card accounts online make up two-thirds of cardholders using the most cards (four or more) and of cardholders who use their cards the most (11 or more times per month).
- Cardholders who manage their accounts online are younger, better educated and have higher incomes than Internet-using cardholders who don't manage online.
"The dramatic rise in consumers managing their credit card accounts online means it is more important than ever before that issuers deliver a high-quality online experience. The critical masses of online consumers are making it clear that when they use their card-issuer's website that it must offer speed, convenience and security," says Paul Jamieson, president of FiSite Research.
TSYS, one of the largest global payment services companies, sponsored the TSYS Online Consumer Credit Card Survey. FiSite Research, a leading online financial research and advisory services firm, conducted the survey from May 19 through June 6, 2003, among 2,535 Internet-using adults who own and use at least one credit card. The research comprehensively explores consumers' online behavior in seeking and managing credit card accounts and explores their usage and interest in online customer servicing and a range of features and services that issuers might offer on their websites. The very large sample size provides a statistical precision for these results of plus or minus 2 percentage points at the 95% level of confidence. For more information about the survey, contact Russ Schoper at +1.770.634.0430 or rschoper@fisiteresearch.com.
About TSYS
TSYS (NYSE: TSS) (www.tsys.com) brings integrity and innovation to the world of electronic payment services as the integral link between buyers and sellers in this rapidly evolving universe. The E-Business Services division of TSYS specializes in Internet-based self-service solutions and secure transaction processing for credit-issuing institutions. Synovus (NYSE: SNV) (www.synovus.com) owns an 81-percent interest in TSYS. For more information, contact news@tsys.com.
About FiSite Research
FiSite Research delivers independent research and advisory services focused on the online banking and payment services industry. For further information about FiSite Research visit its Web site at www.fisiteresearch.com.
Contacts
Eric S. Bruner
TSYS Media Relations
+1.706.644.8457
ebruner@tsys.com
Paul M. Jamieson
President, Director of Analytics
+1.781.367.9282
pjamieson@fisiteresearch.com