UK Embraces Online Banking Says Survey

With more and more of us becoming computer savvy we are doing more than check our email online.

More than half of the UK (59 per cent) now regularly takes advantage of online banking, says new research. Almost two thirds of people in the UK now say that they use online banking "much more" than they did two years ago.

Overall, 14 million people now take advantage of their bank's online banking facilities said a well known high street building society, which commissioned the research.

Managing current accounts remains the most popular use for online banking, with 30 per cent saying that they mostly log on to check their balance. Other reasons for visiting an internet banking site were to make payments and to transfer money.

Many companies now accept online payments for bills particularly utilities companies. This makes things easier for us as we do not have to keep remembering to pay the bill and it is easier for the company as they know the money is coming in.

Over the counter face-to-face contact remains most popular for more complex transactions. The consumer research shows that, for activities like paying in cheques, withdrawing cash and more complex advice the local branch remains the favourite means of accessing a bank. However, despite this upward trend in online banking many said that although they do not visit the local branch it was nice to know that it was there. So, it seems that we still like the human touch.

Almost 30 per cent say that they do not use online banking because of security concerns, however.

"The pressures of modern life mean that internet banking is the best option for many UK banking customers," said a representative of the building society.

"As ever, security is a very real issue and we are always looking at ways we can develop and increase security for our online banking customers. The FSA, too, has recognised this."

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