Comscore Reports 28 Percent Growth in Online Servicing of Credit Card Accounts

Significant Growth in Consumer Use of Credit Card e-Servicing and Resulting Satisfaction with Issuer

RESTON, VA, December 6, 2005 – Comscore Networks, an industry leader in the measurement and analysis of consumer behavior and attitudes, today released a report documenting adoption levels and implications regarding the growth in online credit card account management. Credit card e-servicing allows consumers to conduct traditional customer service activities, such as viewing balances and transactions, paying credit card bills, disputing a charge, or making a payment, online. The study found that the number of consumers who regularly service their credit card accounts online grew by 28 percent for the 12-month period ending with the first quarter 2005 compared to the same period in 2004.

Key findings of the study, which is based on a recent survey of credit card holders, combined with the observed behavior of Comscore’s panel of two million opt-in online consumers, include:

• Credit card e-service customers represent a market that is growing in size and desirability. These consumers are heavy online spenders, accounting for 21 percent of the online population but fully 43 percent of all online spending. They also earn more than the average Internet user; 64 percent report household incomes greater than $50,000 while 57 percent of non e-servicers have household incomes greater than $50,000.
• Customers who e-service their accounts visit issuer Web sites more often and spend a greater amount of time on those sites. The study shows that the number of customer visits increased by 45 percent and time spent on site per user increased by 31 percent during the study period.
• e-Servicing adoption allows issuers to scale back on more costly alternative customer service options. Users who log in to view their credit card balances are considerably more likely to perform a number of activities and to do that via self service rather than resolve them via more traditional customer service methods. For example, e-service users are twice as likely to add an authorized user, request a credit limit increase, or transfer a balance online, and five times more likely to register a change of address.
• Customers who e-service their accounts are more satisfied with the issuer than those who manage their accounts more traditionally. More than 70 percent of credit card owners who recently logged into their accounts expressed satisfaction with their issuer’s Web site. Also, 64 percent of credit card e-service customers are likely to recommend their issuer’s Web site to a friend.
• Comscore data show that users who are aware of a specific feature available to them are 10-20 times more likely to take advantage of performing that activity online. Seventy-one percent of users who log-on and view their credit card balances are aware of some of the self-service options, but over half are aware of no more than one or two of the options offered.

“Our research indicates that consumers clearly value the ease and convenience of e-servicing their accounts,” said Nick Tabbal, vice president of Comscore Network’s credit card division. “The growth in e-servicing adoption also represents a very favorable trend for issuers who benefit from the reduced costs associated with transactions conducted online. Comscore’s data also show that significant opportunity still remains for issuers to increase awareness, and further adoption, of the range of account management activities available to their customers online. ”

For a copy of the full report, contact Andrew Lipsman of Comscore Networks at alipsman@comscore.com or (312) 775-6510.

The Issuers covered in the study are:

• American Express
• Citibank
• Chase/Bank One
• MBNA
• Providian
• HSBC/Household
• Capital One

The Customer Service Activities reported on are:

• Order statement copies
• Add authorize users
• Change address
• Set up email alerts
• Stop paper statements
• Resume paper statements
• Request balance transfer
• Request credit limit increase
• Dispute a charge
• Set up recurring/automatic payments (ex. Monthly cable, telephone, health club membership bills etc.)

About Comscore Networks
Comscore Networks provides unparalleled insight into consumer behavior and attitudes. This capability is based on a massive, global cross-section of more than 2 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 proprietary 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 AOL, Yahoo!, Verizon, Best Buy, The Newspaper Association of America, Tribune Interactive, ESPN, Nestlé, Universal McCann, Washington Mutual, the United States Postal Service, Merck and Orbitz. For more information, please visit www.comscore.com.

Press
Bill Daddi
Daddi Brand Communications
646-370-1341
press@comscore.com