Saving time and blushes top reasons for online banking

04 August 2006
New research from Lloyds TSB internet banking shows a majority of consumers (54 per cent) now prefer to do their banking online.

The overwhelming majority of respondents to the survey (87 per cent) said they preferred to do their banking online as it saved them time.

Almost half (43 per cent) also cited the fact that they feel more comfortable applying for loans or extending overdrafts online, rather than having to ask someone face-to-face.

"Money is one of the few subjects that many people still feel uncomfortable talking about, even with their bank," said Anita Hockin, head of internet banking for Lloyds TSB.

"Internet banking has become increasingly popular in recent years, not just because it's convenient but because it gives people privacy when it comes to managing their money."

However, Ms Hockin was also quick to talk up the benefits of speaking to someone in person.

"Despite all the benefits of online banking, it's important that people don't end up burying their heads in the sand," she said.

"Sometimes it can be worth picking up the phone or calling into a branch to talk through more complex matters, especially if you have any particular worries."

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