29 December 2006
An increasing number of consumers in the UK are turning away from telephone banking and choosing to use Internet banking services instead, a new report reveals.
Research by Apacs, the UK payments association, found that 48 per cent of the total number of people using the internet now bank online, with such services proving more popular than telephone banking for the first time.
According to the organisation, the proportion of 16-24-year-olds using online banking has grown from 13 per cent in 2005 to its present level of 25 per cent, while the number of "silver surfers" choosing online e-commerce services has also increased significantly.
Commenting on the trend, Sandra Quinn, director of communications at Apacs, said: "Our research shows that increasingly, if you are under 35, you are more likely to be turning to the Internet rather than the phone to manage your finances."
Ms Quinn urged people to be wary of the potential risks involved in Internet banking, although she argued that the chance of becoming a victim of online fraud is "small".
A survey conducted by HM Revenue & Customs recently found that people using the Internet in the UK are utilising online services, including those provided by banks, to "make their lives easier".
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