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According to a recent survey undertaken by Lloyds TSB Internet, more than two-thirds of Brits prefer to do their banking online. 68 percent of respondents to the survey answered that they now conducted the majority of their banking transactions over the Internet. In 2005, only one in five Brits answered that the majority of their banking transactions were over the Internet and not in the banking hall.
Asked why they prefer to do their banking over the Internet, the majority of Brits said that the convenience of 24-hour access to conduct their banking via the Internet was much easier for them in their busy lives than having to take the time out of a day to go their local bank.
Anita Hockin, head of Internet at Lloyds TSB commented that: "The growth of internet banking is phenomenal and this year is set to break records. We have over four million registered internet banking customers and January 2 was the business internet banking day we’ve ever had, with around ten customers logging on every second."
The growth of online banking is not only restricted to traditional banking transactions, such as paying your utility bills or setting up standing orders. More and more these days Brits are turning to the Internet to see if they can get better deals on personal loans and mortgage offers. The Internet also allows them much easier access to compare rates for loans, mortgages and insurance products in the UK so that they can make a more informed decision about which product best suits their needs. This is a far cry from the days when your local bank manager was your main point of contact whenever it came to making financial decisions.
However, online banking is not without its faults, and Internet security is a major concern among Brits when it comes to online banking. 11 percent of Brits said that they would not conduct their banking transactions over the Internet because they were concerned that this might give somebody access to their bank account information.
Nevertheless, there are ways to minimize the risks involved with Internet banking. You should never let anyone know what your Online banking password is, you shouldn't answer e-mails asking you to provide financial information or details about your bank account, and if you are not using the computer at home you should always make sure nobody can see what you are doing and remember to log-out when you have completed your business.
As with most things, the growth of Internet banking is likely to be explosive over the next decade. Recent predictions are that over 40 percent of all purchases by Brits by the year 2020 will be Online. So make sure you stay up-to-date with the latest firewall and anti-virus software and if you are ever in doubt, call you bank and ask.
Other than that, if you want to enjoy the freedom of accessing your bank account 24-hours a day from anywhere in the world, then the only way you are going to be able to do this is by getting onboard and doing your banking online.
Tom Smith
17.02.07
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