Sainsbury's sees online banking pickup

24 March 2004
Figures for online banking are up, according to Saisbury's Bank, with experts at the company predicting further rises to follow over the next year.

The company reports a 600 per cent increase over the past three years in customers utilising its electronic services.

Due to this usage increase its website has had an overhaul and been redesigned to make it more user-friendly.

Derek Bottom, Sainsbury's Bank deputy chief executive, explains the thinking behind it: "Our strategy is to provide quality products in a way that customers find convenient and easy to use and a strong online presence is central to us maintaining this."

He believes busy lives have changed the way people bank: "People are becoming increasingly time poor and this has been a significant factor behind the growth of online banking and supermarket banking in general."

In 2003, NOP World Financial research recorded a 31 per cent growth in online banking use, and believe this year the total number of adults banking online will climb to the three million mark.