Consumers 'use internet to manage loans'
Published On 23 May 2007
After a decade on internet banking consumers are happy to use online facilities to manage things like homeowner loans and credit cards, according to a new report.Since the UK's first online banking facility was launched in 1997, the uptake has been impressive. Now, over a third (37 per cent) of adults in the UK use internet banking to manage their finances.
While using online facilities to check current accounts remains the most popular activity, Nationwide reports that people are beginning to use the web to look after and arrange things like homeowner loans and credit card.
Now, 50 per cent of online banking customers manage their credit card spending in this way. Similarly, 14 per cent of consumers said they had arranged loans over the net and 17 per cent used the internet to monitor their mortgage.
"This research shows that internet banking has become increasingly popular," said Mik Hodsdon, a divisional director at Nationwide.
"Customers have the convenience of banking from the comfort of their own home, or indeed wherever they are in the world, together with many additional benefits such as discounts and paperless statements.
"Internet banking has continued to be developed and enhanced over the last ten years and there is no doubt that it will attract more and more users."
Commenting on the findings, David Kuo, the head of personal finance at Fool.co.uk, said that internet banking was useful as it allowed consumers to easily register their displeasure with a particular lender and 'vote with their mouse'.
