High speed internet enables next generation of banking

High speed internet continues to change people's lives in ways big and small.

The latest evidence is a study by eMarketer, a market research firm, showing that an estimated 80 million Americans will use the internet for banking and bill paying this year. That's almost a 10 percent jump from last year, and by 2011 that number should break 100 million.

Online banking and bill paying make life a lot easier for Americans busy with work and family. It also saves money on transportation and postage, and it's been shown to actually be more secure than offline banking, which has paper trails full of sensitive information.

Convenience and security continues to spur even greater demand for online banking. But according to eMarketer analyst Lisa Phillips, people's connection speeds will determine whether they can take full advantage of these services:

People who want to bank online need broadband almost by necessity these days.

Until we have universal high speed internet, online banking will join telemedicine and distance learning on the long list of services available to some but not all.

Online Bill Paying Adds Up To Big Incentive To Get Broadband (Investors.com)