Double-figure celebration for online banking

25 May 2007
More than a third of UK banking customers now bank online, a survey from Nationwide has revealed, as the building society celebrates the tenth anniversary of online banking.

On May 27th 1997, Nationwide offered the first internet banking service in the UK, receiving 13,000 customer registrations within the year.

Three million people are now registered to use Nationwide's online banking, while 37 per cent of the population bank online with one or more financial service providers.

More than half of internet bank users surveyed by Nationwide said they used web bank access because it was convenient, while a similar number said they found online bank portals easy to use.

Another quarter preferred the speed of access to funds and account details online to phone or face-to-face banking.

Nine per cent of men now check their account details every day compared to six per cent of women, but an encouraging 66 per cent of both check their accounts at least once a week, keeping abreast of their personal finances.

Internet-only banks emerging in the last decade have included First Direct, Smile and Egg, while the latest development is towards online social lending communities which 'cut out the middle-man', such as Zopa.

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