Consumers turn to online banking

07 September 2003
The popularity of online banking services among consumers has more than doubled over the past two years.

Payment services group BACS puts the rate of increase at 4.3 million since 2000. 3.5 million customers used internet banking facilities then, while 7.8 million users were recorded at the end of 2002.

BACS head of marketing Fergus Rose told BBC online that "consumers have embraced the benefits of internet and telephone banking in the last year to make payments."

"Our research reveals users typically utilise the service as an informal source to check their statement and balance, but as confidence and trust grows, they start to make transactions, including bill payments and transactions to friends and family," he added.