23 May 2007

Online banking is now ten years old in the UK, with various industry analysts praising the positive impact it has had.

APACS, the UK payments association, said that its popularity has risen strongly, with a 500 per cent increase in usage recorded over the last six years.

Other figures from the company reveal that 18.1 million Britons used an online banking service last year, while 90 per cent of users also take advantage of e-commerce.

Sandra Quinn, Director of Communications at APACS, commented: "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."

Ms Quinn's comments were echoed by those of David Kuo, the Head of Personal Finance at consumer advice company The Motley Fool.

He claimed that the inception of online banking had been tantamount to a revolution, offering consumers the chance to access their cash around the clock and therefore forcing banks into offering better deals.

© Adfero Ltd

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