23 May 2007
Online banking celebrates its tenth anniversary next week and according to the UK payments association Apacs, this 21st century way of organising your finances has witnessed a 500% increase in the past six years.
A fifth of all online banking users check their accounts online daily, compared to just one in 13 in 2003 and the phenomenon is only set to increase, with Apacs predicting that by 2016, two-thirds of the public will be using online banking.
Sandra Quinn, Director of Communications at Apacs, said that the ease and convenience of online banking was the secret to its success, adding: "Online banking has totally changed the way we manage our accounts, enabling us to keep a much closer eye on our finances outside of traditional banking hours."
"Looking ahead, we are expecting more people to start logging on for their banking, with many more using it for making payments rather than just checking balances," she continued.
Ms Quinn added that Apacs expected that this change in the way people access their finances would be accelerated by the banking industry's new faster payments system which she said would speed up online payments after its launch later this year.
Also commenting on the anniversary was Mik Hodsdon, Divisional Director at Nationwide, who said: "This research shows that internet banking has become increasingly popularWhen we launched our internet bank in May 1997, we knew it would be a success with our customers."
"Today, they can complete their mortgage application online, transfer funds from one account to another and they can even replace their paper statements by receiving statements online. It will be interesting to see the advances that technology will bring over the next ten years," he concluded.