Online banking has taken off in recent years and it's not just the young that are turning to the internet. In fact it has been the rise of the silver surfer - those over the age of 55 using the internet - that has fuelled the rise in internet banking largely in the form of online savings accounts.
The baby boomer generation has more money and is more inclined to save it than younger generations and the initial fear many in this age bracket may have had with regard to internet security has long since subsided. Such has been the growth in this section of the population turning to online savings accounts that they account for the majority of many banks' online savers.
According to the Association of Payment and Clearing Services (APACS), 55 per cent of internet users bank online - equating to around 20.6 million individuals.
And while the highest use of online banking services is in the 24-35 age range - they make up two-thirds of internet users accessing at least one bank account online – the growth in more mature internet banking customers has been staggering.
APACS's most recent data only goes up to 2006 but even so they show a considerable rise in the use of internet banking facilities. Two years ago there were 1.5 million people over the age of 65 using online banking facilities compared to around 400,000 in 2001.
Tuesday, May 20, 2008
Tuesday, May 6, 2008
One Third of UK Internet Users Access Online Banking Services
10.9 British internet users, or approximately a third of the UK’s online population, use online banking services, according to a new report by comScore.
Britain’s most popular online banking brand is the Royal Bank of Scotland (RBS), whose online financial services were accessed by 2.9 million unique customers in the first month of this year. The majority of these visitors (2 million) were customers of NatWest, which is owned by RBS.
The most popular individual bank is Lloyds TSB, with 2.8 million online customers in January. Lloyds was also the most frequently visited online banking service with an average of 6.8 visits per customer.
Other leading online banking brands include the Halifax Bank of Scotland with 2.4 million customers, HSBC with 2.3 million, and Barclays Bank with 1.7 million.
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