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Online banking is booming with 68% saying they
conducted the majority of their banking on the net last year
compared to just 18% in 2008, new research from Lloyds TSB
Internet banking reveals.
Meanwhile, over half of those surveyed (57%) say they've used
Internet banking more often this year than last year with just
11% stating that they never manage their money online.
The real surprise however is the 70% of over 50s who now claim
that Internet banking is their preferred method of money
management. Conversely, younger people aged between 18 and 25
are the least likely to manage their money on the web - 36%
preferring to use their telephone or to go into their local
branch.
The main reason respondents gave for banking online, cited by
54%, is that the service is available 24 hours a day, seven days
a week. 21% like the convenience of being able to manage their
money wherever they are.
Generally speaking, Internet banking users are clued up about
the things they can do online, including checking their balance,
paying their bills, searching their statements and transferring
money between accounts. However, a quarter were unaware they
could set up and cancel direct debits and standing orders
online.
Of the one in ten who don't currently bank online, the main
reason given was that they don't see the need and are happy with
the way they bank now (43%).
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