Internet banking saves customers an hour each week

Internet banking saves customers an hour each week

Internet banking customers are saving themselves 65 minutes a week or 56 hours a year by conducting their financial affairs online, according to new research from Barclays Bank.

The study, conducted by The Survey Shop, finds nearly half of Internet surfers (43%) use online banking and twenty-five per cent say one of the best benefits of Internet banking is not having to visit the branch.

Internet users who shop online say they save, on average, 63.6 hours per year, the equivalent of seven Saturdays or 25 Thursday late night shopping sessions. Just over half (51%) say they like using the Internet as they don’t have to leave their desk or home and an anti-social 39 per cent say the best thing about online shopping is not having to speak to anyone if they don't want to. Over half of those surveyed (57%) say they save money by shopping online.

Sixty-three per cent say the Internet is a serious alternative to the high street, but only 31 per cent say it would be their first choice for shopping. Seven out of ten people say they expect to be able to find what they want online.

Simon Newman, e-channels director for Barclays online banking says the Internet is about people being able to do what they want when they want. "The Internet is also bound to increase in popularity for shopping and banking as broadband takes off and gives people a faster more efficient service," he adds.

When asked what they would lose out on, if the Internet was no longer available, 31 per cent said they would have less time with family and friends and 23 per cent said it would give them less time in bed or relaxing.

The most popular time to surf is week-day evenings with 47 per cent buying, browsing or banking, compared to ten per cent at lunchtimes.

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