Online banking becomes more popular than ever

Brits are turning to online banking more than ever before, according to new research.

One in four web users log on to internet banking every day, according to a survey by PayYOURway.org.uk, a government educational campaign for payments.

The research found that 79% of web users say they are confident about making online financial transactions. This figure rises to 90% for those aged 25-34.

However, only a quarter of over 55s in the UK have ever used online banking to manage their personal finances.

Sandra Quinn, from the PayYOURway.org.uk campaign, comments;

“Internet banking is fast, convenient and available 24 hours a day – so it’s no surprise it’s now the nation’s favourite way to manage money. Whether you’re an old hand at internet banking or thinking about trying it for the first time, it’s important to stay safe online.î

Online fraud
 
Online banking fraud fell by 32% in the first six months of the year, according to the Financial Fraud Action UK. This is good news for all those who often use online banking. Considering the current economic climate, many are looking to keep a close watch on their personal finances and, for the majority of people, online banking is a convenient way of doing this.

The majority of banks offer online banking as well as several apps for Smartphones to make banking secure and convenient. Compare bank accounts with Money Expert.

Online banking is nothing new. However, it is fast becoming the most efficient way of managing your money. Research from Nationwide wide found that 48% of people have been banking online for between three and six years. A further 12% of people have been managing their money online for nine to 10 years and 6% have been banking online for over 14 years!

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