Online banking boom to continue

Date of Publication: Friday, 06 January 2006 12:00
One in five Britons (18%) did most of their banking online in 2005, according to a new report from Lloyds TSB Internet banking. And the boom is set to continue. The findings also show that 20% of the population have used the web more often this year to manage their money.

Young people aged 25-34 are most likely to do their banking on the Internet (27%), but 22% of those aged 35-44 also use the web to organise their finances as do 20% of those aged 45-54. Men are slightly more inclined to use the web (20%) than women (15%).

Despite the growing popularity of Internet banking many people still aren't aware of all the financial tasks they can do online. A fifth (23%) didn't know they could check their balance on the web, while 28% didn't realise they could go online to pay bills.

A similar number (29%) didn't know they could use online banking to search for statements, while 34% weren't aware they could also transfer money or manage direct debits.

Although 35% indicated fears over security as being the reason they didn't bank online, the vast majority of those surveyed (65%) had no such fears and felt Internet banking was safe.

Click here to see a list of online UK bank accounts!

Friday, 06 January 2006 12:00
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