Customers continue to enjoy online banking
June 18, 2007
Research has shown that since online banking took off around a decade ago, this method of banking has continued to go from strength to strength, despite fears about online banking fraud.
With more and more consumers in the UK taking advantage of low cost broadband packages from the various Internet Service providers, an increasing number of consumers have turned to Internet banking because of the convenience and flexibility of this type of banking.
Online banking enables consumers to run pretty much all aspects of their banking needs from the comfort of their own homes. Online banking customers can transfer funds, check and order statements, order cheque books, set up and cancel standing orders and direct debits, pay bills, and apply for various services such as credit cards and loan with the click of a button.
Online banking also enables customers to manage their finances at any time of the day or night, which has proven invaluable for those that work long hours.
HSBC, one of the UK’s leading banks, has reported an increase of 55 percent in terms of its online banking business.
The Chief Executive of the bank stated: “More and more of our personal and commercial customers are seeing the benefits of buying online. Our websites handled 1.8 billion visits last year and online sales increased by 55 per cent.”
The popularity of online banking has been aided through encouragement by banks, as it is easier and faster for banks to deal with customers online than in person. Banks have offered various incentives to encourage online business such as special rates on savings and services. Online banking was initially launched around ten years ago by the Nationwide Building Society, and has continued to rise in popularity since this time.
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