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Story URL: http://www.silicon.com/financialservices/0,3800010322,39156918,00.htm

Nearly two-thirds of Brits bank online
But branch visits still popular...

By Dan Ilett

Published: Thursday 02 March 2006

Almost 60 per cent of Britons rely on the internet to do their banking, research commissioned by Alliance and Leicester suggests.

One-third (29 per cent) of the 2,395 people surveyed use internet banking between once and twice per week, and one in 10 (12 per cent) uses it everyday.

The YouGov survey found a 63 per cent rise in people managing their current accounts online since 2003. Balance checks are the most popular (96 per cent) online activity, followed by money transfers for payments (76 per cent).

But some respondents said they would still visit a branch for more complex banking activities. Of those who avoid online banking 21 per cent said they prefer dealing with people face-to-face, while 13 per cent said they did so due to concerns about security online.

The rise of internet and phone banking has led to more branches being closed, a study from the Economic and Social Research Council found last week.

The report said that half of a bank's customers will visit the branch at least once per month.

A report from analyst house Forrester last year said banks are currently restructuring their approach to customer service. It said while banks are investing heavily in IT to support new banking methods - set to hit €100bn by 2010 - they should put more effort into customer service.