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Online banking changing, says cahoot

04 October 2005 / by None
Internet banking is undergoing drastic changes as more women and older people bank online, according to a new survey by cahoot.

The report, carried out for cahoot online bank by the Future Foundation, revealed that half of internet users over 50 now bank online and more women now use internet banking than five years ago.

Managing director of cahoot, John Goddard, said: "Five years ago, when cahoot first launched, the internet and the people who used it were very different.

"In a relatively short space of time, online banking has become the first choice for many people regardless of gender, age, socio-economic background or location.

"What’s more, online banks like cahoot can offer great rates thanks to lower overheads from not having any branches."

The internet bank believes that the number of adults banking online will increase tenfold in the next decade.

Cahoot found that the average internet banker is likely to be a young suburban mother or father in the 35 to 44 age group.

The Cahoot savings account offers a competitive interest rate.

To read more about Online Banking, click here.

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