Some more numbers underscore why the researchers stress that online banking is increasingly important to share of wallet, word of mouth and loyalty.

Online bill paying is especially critical, the study states. Online bill payers are 7% more satisfied, 21% more likely to use the Web site as their primary channel, 31% more likely to purchase additional services from their financial institution, and 9% more likely to recommend that institution to someone else.

Still more numbers–81% of online bill payers use the Web site to transfer funds, and 44% to order checks and handle other self-service transactions. That, of course, translates into savings for the financial institution.

What puts credit unions ahead of the competition when it comes to making online banking satisfying? The researchers identified some specific factors that affect customer or member satisfaction–content, functionality, look and feel, navigation, privacy, site performance and tasks/transactions.

Credit unions led in most elements, scoring highest in content and functionality.

Larry Freed, president/CEO of ForeSee Results, told Credit Union Times he found that especially interesting. "A lot of it has to do with expectations," he said. "Satisfaction is ultimately a combination of what you get and what you expect." Even if a credit union's online banking site isn't quite as sophisticated as that of a giant bank, the member may be contented, especially since the member relationship is likely to be stronger than the customer relationship at a commercial bank.

In addition, the study indicates "credit union members are also happier with tasks/transactions and site performance, and more comfortable with the privacy of the online banking experience." Again, "Credit unions may have a built-in advantage over banks as their customers are actually members who may feel more affinity for the organization.

"The only place where credit unions fall short is in the critical area of increasing online bill payment, where they lag large banks by 6% while still scoring better than community banks."

The researchers suggest financial institutions beef up their marketing and education to overcome consumer perceptions about the difficulty of online banking and privacy concerns. They suggest offering better FAQs, live chat and even tutorials.

The study also emphasizes consumers have more power than ever before. It uses the term Customer 2.0 to refer to a "seismic shift" in the balance of power between consumers and organizations.

What gives consumers that power? The researchers list four factors: oSwitching costs are low. There's nothing to stop consumers from changing their banking relationship to another institution if their needs aren't being met. oLocation is less relevant. Consumers can pay bills and transfer funds from around the world. oTransparency is the rule. The Internet has greatly increased the accessibility of information, resulting in smarter and better-informed consumers. oConsumers listen to their peers. Consumers care more about what their peers say than about advertising and corporate communications. Thanks to the Internet, a negative banking experience can be shared with hundreds of people with the speed of lightning.

"At the end of the day, for both banks and credit unions, the goal in many cases is to sell more products and services," Freed noted. "What we see is that consumer satisfaction does have a significant impact on the likelihood of buying those additional products and services. It increases even more significantly when we add bill payment.

"We as people are doing more things in less time every day. Our lives get busier and busier. Anything we can do with technology is usually pretty well received. Bill payment definitely fits into that category."

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