More UK people using online banking than phone banking

The power and popularity of the Internet has been reflected in the figures of a recent survey that show more people in the UK are now using online banking than telephone banking, despite the many concerns that keep being raised with regards to the security and safety of online banking. Most savvy consumers are now well aware of the various online banking scams in circulation, and are aware of what to look out for and what they should and shouldn’t be doing in order to keep their personal and financial data safe when it comes to online banking.

According to the latest figures around seventeen million adults in the UK now have online bank accounts, and two thirds of these online bank account holders tend to go online at least once each week in order to check financial data or make transactions. There were nearly one and a half million fewer people using telephone banking in 2006 than there were using online banking, and 2006 has been the first year where online banking has proven more popular than telephone banking, reflecting rising consumer confidence in this method of banking.

Data shows that the number of people using telephone banking over recent years has fallen, whereas those using online banking have rocketed, rising from seven and a half million four years ago to nearly seventeen million in 2006.

Sandra Quinn, director of communications at Apacs stated:  “Our research shows that increasingly, if you are under 35, you are more than likely to be turning to the internet rather than the phone to manage your finances.” The research that was conducted also showed that ninety percent of those using online banking also shopped online, again proving the rise in consumer confidence in terms of financial transactions over the Internet.

Tags: personal, Banking, accounts, phone, consumers, online