Getting bank customers to switch to online banking versus other channels can save financial institutions billions. However, this can be easier said than done. Below are some things that can be done to increase online banking adoption and usage as well as innovative new ways to reward customers for making the switch.

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Since 2008, there have been significant changes in the behavior and spending habits of American consumers. As the economic downturn lingers, analysts predict many new shopping habits – increased Internet use, decreased brand loyalty and the end of the “buy now, pay later” attitude – are now firmly entrenched in U.S. shoppers. The new “normal” means that the buying process now involves online research and the use of multiple point-of-sale incentives, such as a discounted price plus a retailer coupon.

Shift in Consumer Behavior Here to Stay

According to a report by PricewaterhouseCoopers, the economic downturn has caused enduring trends in consumer behavior that will continue, with rampant consumerism being replaced with deliberation and selective spending. Only 7% of shoppers surveyed for the report said they had made no changes whatsoever to their consumer spending habits in response to the economy compared to 34% of respondents who made significant changes to their buying habits.

A Gallup poll also reported that three in four respondents had cut back on discretionary spending like entertainment and recreation in response to the economic downturn and rising consumer prices. 49% of those surveyed bought cheaper, lower-quality goods and 46% shopped at discount stores more frequently.

Consumer Spending May Be Up, But Still Far Below 2008 Levels

Overall, daily consumer spending remains far below the levels seen in 2008. A new Gallup poll shows that self-reported spending among Americans in stores, gas stations, online, and in restaurants was about $61 a day, $45 less than the $106 daily average spent in 2008. However, in 2009, consumers reported spending about $64 a day.

Savings Trump Brand Loyalty, Vacations and Alcohol

A Pew Research Study found that 71% of Americans reported buying less expensive brands to save money during the economic downturn, 57% either cancelled or cut back on vacation plans and 30% reduced their spending on tobacco and alcohol. After the recession, consumers will likely continue to buy familiar brands, but only if they offer the desired features and price points.

Internet Shopping Has Increased

One retail sector that has experienced tremendous growth during the economic downturn has been online retailers. In a study by Booz & Company, the number of consumers shopping online for a variety of products doubled from 16% to 32% since 2009. This research also revealed that two times as many consumers now research products online, about 23%, in comparison to 11% in 2009.

The National Retail Foundation‘s magazine also reported that online mega-merchant, Amazon.com, is ranked number two on the NRF’s Hot 100 List due to Amazon’s 46.2% sales growth over the past year. (Rankings on this list are determined by increases in annual domestic sales for companies who have over $300 million in sales.)

Future Trends

Online shopping seems to be here to say with Forrester predicting that 15% of total retail sales in the U.S. will come from online purchases by 2015, representing $279 billion in gross sales. New e-commerce models that are harnessing the power of mobile Internet such as Groupon, Google Offers, and Living Social have also helped bolster the acceptance of online shopping among American consumers. As e-commerce grows, so does the likelihood that m-commerce will pick up steam and become the new shopping norm.

It seems that our neighbors to the north have been gouged at the gas pumps, and not just by the record high fuel prices. A recent study by the Canadian government revealed that 6% of all gas pumps tested in Canada are inaccurate, with the consumers being overcharged at about two-thirds of the faulty pumps.

The testing classifies a pump as being inaccurate when there is a discrepancy of 0.5% or more over about five gallons of fuel. This small overcharge adds up to an extra $20 million each year, while the gas stations lose about $12 million annually to faulty pumps.

Could this same thing be happening in the U.S.?

According to the 2002 census, there are 121,446 gas stations in the US. Depending on the location, the accuracy of fuel pumps is regulated by state or local laws, and in some areas, both governments have jurisdiction. There are many stories of inaccurate fuel pumps across the country, so we looked into what protections are in place for drivers when battling fraud at the pump.

In Arizona, where drivers buy about 2 billion gallons of fuel each year, the State Department of Weights and Measures inspects pumps about once every four years. They will send out an inspector more frequently only if a consumer lodges a complaint.

In Oregon, most of the 28,000 pumps are tested annually by one of 20 inspectors with the state Department of Agriculture’s Measurement Standards Division. In a recent press release, Jason Barber, the administrator of the Division, states that “When people go to the pump, they can rest assured that, in most cases, if they pay for 10 or 20 gallons of fuel, they will actually get that amount.”

However, when filling up in the Beaver State (or New Jersey), don’t even think about trying to pump your own gas to keep an eye on things, or you could be slapped with a $500 fine. Legislators here banned self-serve pumps in 2002, claiming that full-service stations result in lower unemployment rates.

New York City regulations are much tighter, where both state and city consumer laws apply to monitor gas pumps. The Department of Consumer Affairs, whose “gas squad” inspects each of the 10,850 individual pumps in the city at least once a year, protects drivers in the Big Apple from overcharges. They boast that 97% of all city pumps are accurate as a result of their vigilance.

How to spot inaccurate pumps?

-Know the size of your gas tank. If your Honda Civic has a fuel capacity of 13.2 gallons and the pump reads that you have put 16 gallons of gas in, there’s definitely a problem.

-Always get a receipt and watch for discrepancies between the pump price and the printout.

-Keep track of your mileage and fuel costs. If you seem to get more miles per tank when you fill at one particular station over another, chances are there’s an inaccurate pump involved.

- When you are buying gas, look for the state or county inspection seal, which is usually a square yellow sticker near the nozzle of the pump. This will indicate which agency is responsible for regulating the accuracy of the pumps, as well as the most recent inspection date.

If you think a fuel pump is wrong, be sure to get an invoice that indicates the pump number and station name. You can attempt to complain directly to the station manager, but unless you have a dispute over the price not matching the one that is posted, any gripes about the pumps will likely be ignored. Contact your State Department of Weights and Measures, which will be able to direct you to the enforcement officials. Many states, including New York, also have online complaint forms available to drivers.

In today’s volatile economy, a small investment that could potentially offer a large return seems more attractive than ever. Small cap stocks, ranging in price from $1 to $10 a share may provide just that opportunity for some savvy investors. While you may not strike it rich with small cap stocks, they can be a great addition to a diversified portfolio as long as you invest carefully.

One reason small cap stocks are so cheap is because they are likely from new companies and offer products or services that may be unfamiliar. This provides the opportunity to capture shares of the next industry giant, such as America Online or Nike, before they become a household name and prices rise far above a dollar. However, this also means that these are riskier investments, as it is less clear what will be successful.

If you’re interested in buying or selling these penny stocks, companies like Choicetrade.com, Firstrade.com, and Zecco.com can help you. Each of these brokerages has different prices and limits to suit the individual needs of investors. Look into each of them to see which suites your needs the best.

Currently, there are a few small cap stocks that have been making gains. Companies like Elephant Talk, Inc. (ETAK), a communications company; Bering Exploration (BERX), an oil drilling development program; and Mojo Ventures (MOJO), a vitamin and supplement company, have started seeing some success once they entered the market. While these may not be household names yet, they may be good stocks to benchmark against if you’re considering trading small cap stocks.

One thing to consider is that small cap stocks may be particularly susceptible to the effects of media manipulation. For the careful investor, this can turn out to be an unexpected boon. Stocks that do better because they’re featured prominently in the news may begin to lag if their PR budget dries out after a quick initial push. For stocks whose marketing funding can hold steady over the long haul, a gain may be a reasonable prediction. In other words, the kind of promotion and marketing a stock receives may be an indication of the degree of its capitalization. Fortunately, there are specific rules and guidelines that require endorsers to disclose the amount of compensation they are receiving. These disclosures can also provide further clues to investors about the financial health of the company.

As with any other stock purchase, you need to study and prepare before making your small cap purchases. Small cap stocks, under the right circumstances, can be the small investments that yield rewards of experience, excitement, and sometimes, even modest financial gain.

One of the ways that investors diminish the worth of their investments is by acting against common sense and their financial adviser’s recommendations. One common mistake is to develop a sound investment strategy and then change it on a whim or in response to a popular news story. Retaining holdings even if there is a slight dip in the market is just as important as that initial sound strategy. Good strategy will include purchasing holdings on more than just good reports and media buzz.

Another important consideration is how the proposed holding will fit into a portfolio and into an overall investment strategy. Buying or selling merely based on the rise and fall in prices is not the best strategy. For example, clients who sell holdings when the market has a few down days in a row, only to reinvest in equities when the market rises, not only run the risk of buying back in at higher rates, but they also waste a certain amount of money on brokerage and other service fees that they would avoid by waiting it out.

Another mistake of the investor who doesn’t take a long and practical view is focusing holdings too narrowly. One example is believing that gold is always a safe investment. At various times, gold has actually not provided a good return. Maintaining a gold-only strategy will prove to lack stability, compared to a portfolio that includes both gold and other types of investment, such as NASDAQ traded stocks.

Other examples include keeping all of one’s retirement in a single fund, which makes it vulnerable if prices drop, or focusing strictly on domestic holdings with no international investments. Diversification can benefit in these cases as it allows a fund to maintain value even when the prices change.

Even though diversification is important, too much can be harmful. Too much diversification can dilute the power of investments and lead to organizational difficulties. At most, investors should consider using only two brokers and focus on a reasonable diversification strategy.

The best model for diversifying a portfolio is to invest in several different types of securities, stocks, bonds and real estate. This will keep investors from putting too much risk in any one type of investment. Some investors use the following rule of thumb: subtract age from 100 and invest that number (as a percent) in stocks, with the rest going into bonds. In other words, at 35 years old, 65% of assets should be in stocks and 35% in bonds. From there, make 10-25% of your stocks international and take 5% from each category to invest in real estate.

By understanding that investing is not about quickly playing the market to get rich quick, investors can stand to gain quite a bit from their portfolio. When investing, aim to have a diversified portfolio that you can hang onto for years to come. This will allow you to see real returns in the future.

There are a number of ways that people can make a sustainable living from home. With the recent decline in the job market and the growth of online businesses, it is becoming more and more common to make an income through online work. As of 2010, 20 million Americans were working from home. In the past year, online business have grown 11%, while brick and motor businesses only grew 2.5%.

One common way to earn some extra income is by setting yourself up as an online middleman. There are a few of ways to go about this.

The first way is to utilize online auctions. Online auction trading assistants are growing in number and complexity, but it’s not too late for an entrepreneur to take this already pioneered profession and make a living at it. iSoldIt, a company with nationwide storefronts, sells merchandise for their customers on Ebay. Using a similar business model on a smaller scale, the work-from-home types can create a feasible business.

At the most basic level, this is akin to buying something cheaply at a garage sale and selling it for more online. If you have expertise in a particular field, it’s possible to apply your knowledge of your niche and become a selective distributor. For instance, an out-of-work medical professional could set up a medical supply distribution service serving a large metropolitan area.

Another option is to set up your own online storefront and sell through that. To do this, you need to find a producer of some good, like batteries, and create a website that markets and distributes these batteries. What’s unique about this approach is that you don’t need to beat prices or provide a unique experience. You simply need to have your site seen by the right people at the right time. This requires knowledge of Search Engine Optimization (SEO), the means by which search engines favor your site. If someone Googles “batteries” and your site is the first link, they’re going to at least give it a look.

A third way to earn a significant income online is to market a skill that can be distributed online. Crowdsourcing has created a kind of accessibility that writers and graphic designers have never before known. Every online business, once established, needs artwork and copy to promote its products. Graphic artists or photographers can help business owners create a striking and aesthetically pleasing site. Writers can help these sites articulate their purpose to help drive readers and buyers. Try honing your design or writing skills to market yourself and your services online.

A great benefit of an online business is that costs can be fairly reasonable. You can secure a domain name for $20 per year and incorporation can cost less than $200. Keep in mind that if you are selling something, PayPal will take out a percentage of the purchase price.

While the dreams of making millions online may not be a reality, it is possible to earn a little extra. Your income will be directly tied to your work ethic, product offering and marketing savvy. On average, recent reports have shown that online workers make just under $50,000 a year, but this of course varies based on how much time you put into it. Earning money online is a lot of work and it would be wise to use the money to supplement existing income versus replacing it.

With the record-high gas prices, many drivers are looking for alternative ways to reduce the cost of vehicle ownership. While opting to use public transit or bicycling are great ways to save money, sometimes you just need a car. Shopping at the local mega-store, taking your pit bull to the vet and going on a date are all trips better suited for a private car than a public bus.

The emergence of car share organizations, both for-profits and non-profits, has offered drivers an alternative to both private car ownership and public transit. These car share companies all tout the benefits of having access to a car without the costs and responsibility of actually owning one. The logic is simple – why own a car full-time when you only drive it part-time?

What Is Car Sharing?

In general, car sharing is an alternative to owning a personal car, with availability restricted to larger urban centers. Drivers register with a car share company and usually paying a membership fee. They then choose from various hourly or daily rate plans, depending on location and frequency of use. With all the companies we reviewed, the fees included gas, insurance, and reserved parking. Some plans include a set amount of miles, with others billed on combined time-plus-miles driven models. All companies charge a premium for weekend use and some offer deeply discounted rates for late night bookings.

Cost of Car Ownership

In their 2010 annual “Your Driving Costs” report, the American Automobile Association estimated the annual price of owning a medium sedan (such as a Ford Fusion or Honda Accord) is $5,841. This is based on driving 15,000 miles per year at the 2009 average gas price of $2.0603 per gallon and does not include parking charges. For minivan owners, the annual cost jumps to $6,404 and SUV drivers pay an average of $7,738 per year, or 22.31 cents for each mile they drive.

In comparison, a member at City Car Share (a San Francisco non-profit company) can make a weekly, 24-hour booking for a full year at the base cost of $2,496.00 including gas, insurance, maintenance and parking. If they drive that car 300 miles per week, or 15,600 miles annually, their mileage charge is $1,560. The total annual cost of using a car share is about $4,056 – $1,785 less than owning a similar vehicle.

Car Sharing Costs

According to I-GO, a Chicago non-profit car share company, members spend about $2,500 annually on transportation, a savings of over 50% in comparison to above estimate. They also claim that nearly half of their new members who owned cars when they joined sold their personal vehicles within six months of participating in the I-GO program.

Other potential savings for car share users is the cost of parking, which is over $250 per month in some urban areas. Because most organizations offer a variety of different vehicles like minivans, pickup trucks, and convertibles to their members, some users opt to own a small compact car and use the car share service when they need a larger vehicle.

Car Share Companies

City Car Share

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This San Francisco non-profit has an extensive fleet placed throughout Berkley, Oakland and San Francisco, including a convertible red Mini Cooper, wheelchair-accessible van and an all-wheel drive Subaru wagon. They offer 3 individual/household membership options as well as 3 business/non-profit plans.

Rates here vary between $0-$6/hr plus $0.35/mile, with average members spending about $6.75/hr including mileage, gas, maintenance and insurance. For extended weekday trips, members pay a 24-hour rate of $48 plus $0.10/mile (weekend rates are $52 per 24 hour booking).

RelayRides

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Billed as “Neighbor-to-Neighbor Car Sharing”, this California start-up has brought a new twist to the car share concept. By enlisting private vehicle owners to place personal cars into a rental pool, RelayRides lets “borrowers” book and use these independently-owned vehicles on an hourly, daily, or weekly basis. Like other similar organizations, all the insurance and gas is included for the borrowers, while the vehicle owners get to turn their car into a virtual revenue-producing machine.

In both Boston and San Francisco, members pay hourly rates ranging from $5 to $12 per hour, depending on the model year and class of vehicle. These hourly rates include 20 miles per reserved hour, with a 160-mile daily limit.

Zipcar

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Based in Cambridge, MA this multinational for-profit company went public on April 14, 2011 and quickly achieved a valuation of over $1 billion dollars. Zipcar has about 8,500 vehicles in 14 U.S. and 2 Canadian cities, plus over 200 college campuses. They also have an office in London, England, and claim to be the world’s largest car share service. Members can use Zipcars in any location including London UK, making this option appealing for city-hopping car share fans.

Boston Zipcar users choose between an “Occasional Driving” and “Extra Value” plan, depending on anticipated usage. Sample rates here range from $6.59 to $7.75 per hour, and $61.20 to $93 per 24-hour period. Prices include 180 miles per day, with annual fees and membership application fees billed in addition to usage rates.

Other Perks of Car Sharing

Many auto share organizations have partnerships with local businesses to offer their members discounts – like deals on bike repairs, organic groceries, and restaurant meals. In some cities, car share members enjoy reduced transit pass rates and many organizations have reciprocity agreements with other car share companies to allow visiting members vehicle access.

Future of Car Sharing

According to a study from UC Berkeley, car sharing in the U.S. has experienced tremendous growth over the past dozen years, with over 500,000 members now sharing more than 7,700 vehicles through 227 different programs. It appears that a combination of increased fuel costs and environmental awareness has led to the popularity of car sharing and, with the recent buzz around Zipcar’s IPO, market watchers also seem to think that car sharing is here to stay.

It has been an exciting day here at the Truaxis (formerly BillShrink) office! We attended the Sibos Conference in Toronto as one of ten finalists for the 2011 Innotribe Start-Up Challenge and got to present our StatementRewards platform to an audience of entrepreneurs and execs from the financial industry.

The audience must have liked us because they selected us as one of two winners for this challenge! GuardTime, the creators of the Keyless Signature, were also selected as winners.

Congratulations to all of the finalists and thank you Innotribe! We’re honored that we were selected as one of the winners!

For creative and adventurous job seekers who want to cut their monthly costs, taking a position that includes housing is a great option. Live-in jobs are no longer just targeted to college kids and transients. In fact, many live-in positions now offer perks like paid vacations, medical insurance and annual salaries over $70,000. Some of these positions even include a guest cottage on a Palm Beach estate, a 3-bedroom historic stone home on a Wyoming ranch, or an apartment above an oilfield guardhouse in Texas. Here’s a list of some of the job possibilities.

Domestic Estate Couple Jobs

The prevalence of vacation homes among the elite has led to a demand for “estate couples,” which is the general term for live-in caretakers. Many of these jobs include housing on a luxury estate property, providing a year-round presence for the absentee homeowners. These positions generally demand a spotless criminal record and stellar references, while offering successful applicants the chance to live rent-free on a lavish property.

For job availability, check out workingcouple.com. One current listing offers $83,000 a year with health insurance after 30 days. Two weeks paid annual vacation costs and accommodation in a furnished one-bedroom guesthouse on the estate are also included.

Residential Caregiver and Health Care Jobs

If you have skills in nursing, social work or dealing with people, a position as a live-in eldercare worker or houseparent for youth may be a good fit for you. These jobs are available throughout the country with in both urban and rural settings.

Depending on the situation, the included housing may involve sharing a residence with your clients, such as in a youth treatment home or halfway house. Generally, these types of jobs are best suited for adults without children.

Apartment Manager Jobs

In New York City, the municipal Multiple Dwelling Law dictates that residential buildings with over eight apartments must have a representative of the owner living within the building, or no more than one block away. This has made the Big Apple a hotbed for resident manager and superintendent jobs.

With some of the highest housing costs and lowest vacancy rates in the country, taking a job as a NY super can be a great way to live in a posh Manhattan co-op or a funky West Side walk-up. A recent job posting seeking a NY city resident manager offered $100,000 yearly salary plus a two-bedroom apartment, with a value of about $3,000 per month.

Some live-in positions welcome families with children, where others are adult-only situations. If you are looking for a residential job with kids in tow, make sure to discuss this with potential employers. Jobs that include detached houses on large properties, like park caretakers and ranch workers, are more likely to accept families than those that involve apartments in the employers’ home.

When you get ready to do some home improvements or vacation, you usually have a list of everything you need to buy. However, if you’re just going to use something a couple of times, save some money by renting instead of buying. After looking at the cost of storage, maintenance and rental availability, here are a few items that you’d be better off renting versus buying.

Power Tools and Equipment

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Unless you’re a professional contractor or a hard-core hobbyist, chances are purchased power tools will sit unused and take up space in your garage. On top of that, infrequently used chainsaws and pressure washers often need expensive maintenance due to rotted seals and carburetor clogs, which adds to the cost of ownership.

Luckily, most home improvement and hardware stores allow you to rent these tools. If you’re in the market for a chainsaw, you can rent one for about $60 a day, versus the $360 cost to buy. This means you can rent a chainsaw twice a year (for spring cleaning and fall trimming) for three years for the same amount it costs to buy.

Sports Equipment

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Gear like kayaks, tents and snowboards can be expensive and require a lot of space to store. Instead of purchasing and storing, try the local rental outfitters in recreation areas for some great rentals on this equipment.

In Boulder, CO, you can rent a kayak for $50 a day – compared to the hundreds of dollars it costs to buy one. Across the country, tents can also be rented for about $30 per weekend, which will allow them to camp for 14 weekends before they reach the $460 it takes to buy their own.

Recreation Vehicles (RV’s)

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Unless you’re planning on using it as your full-time home, renting instead of buying a RV is the better choice. If you bought a RV, you could end up paying for monthly storage, insurance and, of course, the same maintenance as any large truck.

Rental rates can vary based on model, location and mileage, but travelers who are willing to rent during off-seasons can often get great deals for up to 70% off.

In Las Vegas, a two person RV runs about $150 per night (plus $0.35 per mile) during the peak season. While this can add up over a long trip, it won’t even begin to compare to the $50,000 it costs to buy a similar, used model.

Formal Wear

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Need a formal gown for that once in a lifetime event? Consider renting instead of dropping thousands for something you’ll probably only wear once. You can rent a Christian Siriano red carpet cocktail dress online for $200, or, if you have more than nine posh events to attend, purchase it for $1700.

Whether it’s a vacation, home improvement or an extravagant event, you are sure to find some savings by renting instead. With all the money you’ll save, you’ll also be able to rent a nicer quality item than what you could afford to buy. What are some things that you’d rather rent than buy?