Sainsbury's Bank reports strong growth in online financial sales

Sainsbury's Bank reports strong growth in online financial sales

UK supermarket bank Sainsbury's says it now sells over a third (30%) of its financial products online, a significant increase from two years ago when fewer than one in five (18%) purchases were made via its Web site.

The bank, which re-launched its online services last year with new online customer support tools, is also reporting a 208% increase in vistors to its Web site over the past year.

The most popular products purchased online are loans, credit cards and car insurance.

Sainsbury's says it expects this growth to continue and cites research from NOP World Financial which sugggests that the number of adults who arrange financial services products online should rise 27% on 2004 figures to hit to 4.2 million.

Research from Sainsbury's Bank indicates that the growth is being fuelled by the convenience of the Web, with the highest volume of users visiting the site at lunchtime in a bid to avoid high street queues. Almost half (43%) access the site outside normal branch banking hours, visiting between 5pm and 9am.

Derek Bottom, deputy chief executive, Sainsbury's Bank says: "As consumers lead busier lives we are seeing an increasing number of people turning to the Web to purchase financial services products. With more than 500,000 visitors each month, our online presence is pivotal to the bank's strategy."

The supermarket bank launched its first Internet-only account in January.

Comments: (0)