Consumer confidence in online banking high

29 July 2005
Online banking's popularity is rising and consumer confidence in the system has never been higher, according to a study by Lloyds TSB.

The statistics revealed that eight in ten internet users said they felt very confident or at least fairly confident using the internet for banking.

Online users are also feeling more secure. One in five said their confidence in online banking's safety had greatly improved, while almost half of those surveyed said their confidence in security had improved slightly.

In the UK, trust in online banking is highest in the south-west, with 54 per cent expressing great confidence about managing their money online and 31 per cent expressing fair confidence.

Matthew Timms, internet and ATM director at Lloyds, believes that increased confidence in online banking and its safety has made it more popular.

He said: "We now have over 1.8 million regular users and we've seen a 60 per cent increase in the number of transactions undertaken by customers online."

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