Branching out for a mortgage

13 August 2004
Bank customers prefer to use high-street branches rather than the internet when applying for products, according to a new survey reported by Bloomberg.

The recent research, conducted by Datamonitor, discovered that just two per cent of people applied for mortgages using the Internet, compared with 11 per cent by telephone and 80 per cent who visited a branch.

The results may come as a surprise to many British banks that are currently scaling back their branch networks and investing heavily in internet services.

Andrew Brikett, the author of the report said in a statement: "The branch network is a key strength in today's competitive market."

He added: "Banks should be viewing their branch networks as their biggest asset rather than a costly burden."
DeHavilland Information Services plc