Online banking finds favour among UK small businesses

Online banking finds favour among UK small businesses

Small businesses are making increasing use of online banking, according to new figures compiled by the British Bankers Association (BBA).

Fifteen per cent of small businesses (nearly 440,000) are now using on-line banking facilities according to the BBA, which made its calculations using end-year 2001 figures from the ten largest UK banks.

BBA chief executive Ian Mullen says the findings point to a 20% surge in take-up of online banking among SMEs during the second half of 2001.

The BBA recently created a Web site which enables small businesses to compare account features online, helping them to choose appropriate products.

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