E-banks find favour with Brits

E-banks find favour with Brits

UK online banking customers are experiencing fewer problems with their e-bank accounts, according to new research by Virtual Surveys.

The latest findings of its Virtual Online Banking Survey (V-OBS), derived from more than 5000 Web-based interviews with UK e-banking customers in the first quarter of 2002, show 55 per cent have experienced service problems with their online bank in the last three months. This compares with 60 per cent of e-banking customers who experienced such problems in the last quarter of 2001 and 64 per cent in quarter two.

Web site outages, log-on failures and slow speed of access are the main problems cited by customers with their e-bank accounts.

Overall customer satisfaction with UK Internet banks continues to increase, with 24 per cent of interviewees describing their online bank as excellent, up four per cent from last quarter.

The research shows this recent rise in overall satisfaction has been driven particularly by customers of Lloyds TSB, RBS/NatWest and AbbeyNational/Cahoot.

However, the latest quarter shows still shows Smile at the top of the league table with a V-OBS score of 4.1 out of 5 amongst those who have used it. Runners-up include Smile's parent bank Co-operative Bank (4.0) and First Direct (3.9).

Other UK online banking players come in with: HSBC, Nationwide and RBS on 3.8; Cahoot on 3.7; Halifax on 3.6; Barclays and Lloyds TSB on 3.5; IF, Egg and Abbey National on 3.4; Bank of Scotland and Woolwich on 3.3; NatWest on 3.1; and Alliance & Leicester at the bottom of the league with 2.7 out of 5.

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