Online banking popular with older people
May 26, 2008
Online banking has become hugely popular amongst consumers in the UK over recent years, and according to a recent report this method of banking is becoming especially popular amongst those aged 55 and over, thanks to the ease and convenience that it offers. According to recent reports online banking has seen a rise of 175% rise in total popularity over the past six years. However, the popularity of online banking amongst those aged 55 and over has rocketed by 350% during this time.
Back in 2001 online banking was only used by around six million people in the UK, with many people not even signed up to use this method of banking. However, the confidence that consumers now have in online banking is reflected through recent figures, which show that over seventeen million people are now enjoying the convenience and ease and online banking. This method of banking enables consumers to carry out most banking transactions, such as bill payments and balance checks, from the comfort of their homes at any time of the day or night.
One industry professional stated: “While younger people continue to make up the majority of online banking users, the greatest proportion of new internet bankers are the over 55s. As a group they have come to embrace the ease and efficiency that online banking offers.” Phone banking figures have taken a tumble as a result of the rise in the popularity of online banking she added, stating: “Our research shows that more and more people are turning to the internet rather than the phone to manage their finances.”
Consumer using online banking facilities can enjoy avoiding the hassle and queues of going to their branch, and can even enjoy preferential rates on borrowing and savings with some online banks.
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