Majority of Brits banking online - A&L

Over half of British adults - 59% - now use online banking services to manage their finances, according to research commissioned by the UK's Alliance and Leicester.

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Majority of Brits banking online - A&L

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A survey of 2395 UK adults conducted by research firm YouGov found that two thirds (61%) are using Internet banking a lot more than they did two years ago, with 12% using the services once a day.

A&L says its own research found that the most popular reasons for accessing online services is to check balances (96%), followed by making payments and fund transfers (76%). Furthermore, three quarters of its customers (74%) say they find Web banking more convenient than using a branch.

Andy Muddimer, head of Internet Banking at A&L, says: "The pressures of modern life mean that Internet banking is the best option for many UK banking customers. As we see the internet become increasingly important in other aspects of our daily lives, from reading the news, booking a holiday or simply making a purchase we would otherwise not have the time to do, then we can expect Internet banking to become even more popular as the key way of managing our finances."

However, 12% of customers still visit their branch to deal face-to-face with staff once a week and a further quarter (23%) visit once a month.

Of those not currently using Web banking, A&L says its statistics show 21% prefer dealing directly face-to-face with staff, while 13% say they have reservations for security reasons. However, 29% says a security guarantee would be likely to encourage them to use online services more.

A&L said last week that it would introduce two-factor authentication for all Internet banking users by next month.

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