Online banking celebrates tenth anniversary

British online banking celebrates its tenth anniversary this week, a decade on from the opening of the first internet bank account.

That account was provided by Nationwide building society on May 27th, 1997.

Since then, more than 18 million accounts with online facilities have been opened, according to figures released by payments association Apacs.

The body claims that half of Britons now has a bank account with an online facility, a figure that is expected to rise to two-thirds by 2016.

Sandra Quinn, director of communications at Apacs, said: “Online banking has totally changed the way we manage our accounts, enabling us to keep a much closer eye on our finances outside of traditional banking hours.”

And she added that “the ease and convenience” of online banking had made it “second nature” to many consumers.

In related news, a survey undertaken by the Commonwealth Bank has found that 90 per cent of online bank users take security precautions seriously.

© Adfero Ltd

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