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12 June 2007
Recent figures have shown that online banking in the UK is enjoying impressive growth amongst consumers, with more and more people turning to the convenience and flexibility of banking online.
Despite fears relating to the risk of online banking fraud, which many people have fallen victim to over recent years, consumers seem to be far more concerned about convenience and saving time.
Online banking was introduced in the UK around a decade ago, and since that time has gone from strength to strength.
Since it was introduced online banking has become increasingly secure, and consumers have become far savvier about the dos and don’ts of banking this way, which has helped to increase consumer confidence in this method of banking.
Customers that do their banking online can carry out a range of tasks, such as transferring funds, setting up or cancelling direct debits and standing orders, making one off payments, viewing statements, and more. They can also access a range of services such as applying for loans and credit cards or ordering cheque books or replacement cards.
The latest figures from one of the UK’s leading banks, HSBC, has reflected the growing popularity of online banking in the UK. Officials from HSBC have reported an increase of fifty five percent in their online banking custom.
The bank confirmed that it now interacts with customers on an online basis in many cases, and hopes to continue this trend. One spokesperson from HSBC 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."
Banks and building societies often encourage customers to consider online banking by offering a range of incentives such as special rates for borrowing and increased interest rates on online savings accounts.
Customers can benefit by being able to access their accounts at any time of the day and night, being able to carry out their banking from the comfort of their homes, and avoiding time consuming and frustrating queues when visiting the branch.
One thing that consumers should be wary of is phishing scams, where emails are sent to consumers, seemingly from the bank, asking for their account information.
Customers should always make sure that they access their online bank account direct from the bank’s website and not through any email links, as often these emails are sent by fraudsters looking to obtain customer bank account details.
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