Over the last 10 years, online banking has become increasingly popular and the number of people using the service has risen fivefold in the last six years alone. Moreover, a record 18.1 million Britons were banking online in 2006 and, for the first time, the number of adults using internet banking exceeded those using telephone banking.
UK payments association Apacs revealed that those with online accounts are also accessing them more frequently, with one in five users going online daily compared to just one in 13 four years ago. In addition, 90% of online banking users also shop online, with 84% of those using their online bank account to make payments or transfers.
Royal Bank of Scotland (RBS) was the first UK high street bank to offer online banking when it launched in June 1997 and, according to the bank, the two most popular uses of online banking are to view statements and pay bills.
Garry Stern, RBS group head of online banking, commented: Online banking has completely changed the face of personal and business banking. People’s ability to manage their money is faster and easier. As a result, over the past 10 years we’ve seen an incredible take-up of online banking from people of all ages.
Today’s 24/7 society has changed working and living habits and expectations. It seems hard to believe that only 10 years ago bill payments were mostly made by phone or check, instead of at the click of a button. Being able to have instant information about money has meant increased flexibility, convenience and control – people can travel the world and still keep up to date with their money.
