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Lloyds TSB find over-50s confident with online banking

26 January 2007
Over 68 per cent of people carried out the majority of their banking transactions online in 2006, compared to only 18 per cent of people during 2005, new research from Lloyds TSB has found.

Only 11 per cent of people told the bank they never managed their money online, and well over half – 57 per cent – said they used internet banking more in 2006 than during 2005.

The "phenomenal" growth in internet banking statistics suggests that confidence in internet banking is growing, claims Lloyds' head of internet banking, Anita Hockin.

"The popularity of internet banking is at an all-time high," she said, with four million online banking customers for Lloyds TSB alone.

It is important, she added, "not be complacent about fraud" – but those customers who spurn internet banking did not attribute their reluctance to security concerns.

Instead, the main reason given for sticking with conventional banking was that customers saw no need for a change.

Perhaps surprisingly, while 70 per cent of over-50s surveyed prefer to manage their money online, 36 per cent of 18 to 25-year-olds prefer to go to their branch and conduct the transaction in person.

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