16 December 2005
The number of loan applications completed online in the UK has shot up by 23 per cent in the last 12 months, a new survey by research group GfK has revealed.
Since the government adapted legislation to allow the entire borrowing process to be completed online, the number of people filling out financial applications via the internet has risen to 4.8 million a year.
Other popular online products are car insurance, credit cards, life insurance, and pet insurance, according to figures released by Sainsbury's Bank and GfK Financial.
"The internet has become an important life tool, playing an increasing role in the way we conduct our daily affairs – whether it's shopping, booking a holiday or sorting our finances," said Kevin Barrett, Sainsbury's Bank director of e-commerce.
He added: " Society now operates 24 hours a day, seven days a week and as such the 9am to 5pm traditional banking model is being left behind."
The rise of the internet as a medium for financial transactions has been attributed to an increase in connection speeds, the ease with which consumers can compare various products and a growing awareness of online security.
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