Fast-growing online banking outstrips telephone services

30 December 2006
The number of adult customers using internet banking has outstripped telephone banking for the first time, Apacs has revealed.

A study found that over a third of the adult population, 16.9 million adults, now bank online.

Online banking has almost doubled since 2002, growing from 7.5 million to 16.9 million users.

Almost half of UK internet users (48 per cent) now bank online, with the greatest proportional growth among younger age groups - over 50 per cent of new users who have signed up within the last six months are under 35 years old.

Meanwhile, the number of people using telephone banking has fallen for the first time, from 16 million in 2005 to 15.4 million people in 2006.

Over 55s continue to prefer telephone banking, but their preferences will be superseded as the population ages and internet use becomes more generalised.

Sandra Quinn, director of communications at Apacs, stressed that customers needed to reduce the "small" risk of being a victim of online banking fraud, by using a firewall and regularly updated antivirus software.

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