26 April 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Lloyds TSB touts text alert service

30 June 2005  |  8601 views  |  0 Mobile in hand

Research from UK bank Lloyds TSB shows that nearly a fifth of adults (18%) avoid checking their bank statements, but 17% of these believe an SMS text alerting service would help them keep on top of their finances.

Over a third of adults in the UK (36%) only check their bank balance once or twice a month, while one in six never check their statement. Of those that do bother to look, over half (60%) use Internet banking, 44% choose to check their balance at an ATM while 28% wait to receive paper statements.

Two thirds of respondents said they avoided checking balances because they are scared that they'll have less cash than they thought, while 27% don't check because they are worried they'll be in the red.

Commenting on the research, Matthew Timms, Lloyds TSB Internet & ATM director, says: "Nearly three quarters of the population say that they read all of their text messages so if you have your bank balance sent to your phone by text you probably won't be able to bury your head in the sand."

Lloyds TSB launched in text alert service for its personal and business Web banking customers last December. So far around seven per cent of the bank's 1.8 million Web banking customers are thought to have signed up to the free service.

HSBC's direct banking subsidiary First direct launched its text alert service in 1999. The bank sent its 100 millionth text message in February when almost half a million customers were regularly using the texting service. Nationwide has also recently launched a text alert services while MasterCard has released an SMS-based anti-fraud system that enables banks to report suspicious card transactions to customers via sms.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SMS text authentication a hit down under

SMS text authentication a hit down under

14 March 2005  |  9200 views  |  0 comments
First direct hails text banking milestone

First direct hails text banking milestone

11 February 2005  |  9339 views  |  0 comments
Nationwide pilots text alert service

Nationwide pilots text alert service

10 January 2005  |  4713 views  |  0 comments
LLoydsTSB launches text alert service

LLoydsTSB launches text alert service

20 December 2004  |  6693 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comFind out morevisit dh.com

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
15319 views 0 | 3 tweets | 14 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11552 views comments | 31 tweets | 20 linkedin
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
10080 views 0 | 7 tweets | 7 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9774 views comments | 35 tweets | 38 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
8801 views comments | 14 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job