Over fifty percent of adults using online banking

A recent report has shown that over fifty percent of adults in the UK are now enjoying the convenience and ease of online banking, and often this is enabling them to save money.

Online banking has become more and more popular over the years, and over recent years a rising number of banks have introduced online banking facilities for consumers in order to meet demand for these services. With the rising number of households that now have broadband internet access, and with the fast pace of life that many people have to deal with, online banking has provided a convenient and effective solution for many banking customers.

The rising popularity of online banking has recently been reflected in a study that was carried out, the results of which showed that over fifty percent of consumers are now using online banking facilities. Twenty two million adults are now said to be using online banking with their main current account, and officials believe that online services such as banking will continue to grow in popularity with an increasing number of people using broadband and devices such as iPhones to manage their lives.

One industry expert stated: “More people now have broadband internet access at home and are using iPhones to manage their lives. And ¬internet-only products are likely to grow in popularity.” He added: “The internet is a popular with banks as the overheads are considerably lower compared with branch-based products, enabling them to pass on some of the savings with more ¬competitively priced accounts.”

Another official said: “Online banking gives you the ¬ability to manage the account at home, work or abroad. It also usually allows you to set up and manage standing orders and to make bill payments as and when you like.”

Source – Mirror