More Brits using online banking, expert says

Mon, 09 Jul 2007

The number of UK consumers taking advantage of online banking services is rising, one expert has claimed.

Ian Robinson, a senior researcher for consumer watchdog Which?, said that his firm conducts an annual survey to assess the numbers of individuals using online banking, which has revealed a "considerable rise".

Additionally, the growth in broadband proliferation has helped to facilitate this expansion of online banking usage, while the convenience and range of services offered by banks on the web continues to ensure its popularity, said Mr Robinson.

"The most recent figures from Apacs [the UK payments association] show that they're estimating 18 million people are banking online now, which is a huge number when you think of how it's grown over the last few years," he remarked.

Figures cited by the expert also revealed that consumers are opting to carry out more complex services via online banking portals, with managing direct debits (77 per cent), creating standing orders (86 per cent) and money transfers (97 per cent) all popular.

Coventry Building Society recently claimed that its new online savings accounts are specifically tailored to meet the needs to an evolving customer base who feel increasingly confident using online services.


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