By Dan Ilett, 4 August 2006 13:25
NEWS
One-quarter (24 per cent) of Brits use the internet for banking because they are too embarrassed to talk about finances on the phone or face to face, a study suggests.
A survey from Lloyds TSB found more than half of the respondents (54 per cent) have a preference for doing banking online to avoid discussing their money matters openly.
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Although people prefer to bank online than talk about their money, nine out of 10 (87 per cent) also said they bank online to save time, while almost three-quarters (70 per cent) think online banking makes life easier.
While 45 per cent of people said privacy is important for online banking, 43 per cent said they feel more comfortable applying for a loan online than in person.
Comments
There are 10 comments. Join the discussion
1. gk
I currently don't use Internet Banking - but would like to. However, i just don't trust and believe banks to fully appreciate and acknowledge the security issues involved.... Especially with all the viruses, fraud, hacking, phising etc going on with the internet...
2. anonymous
Not surprised that the Brits are unwilling to visit their bank any more often than absolutely necessary. The banks have always treated the majority of their customers as a 'bloody nuisance'. The banks make their customers feel ill at ease in most transactions especially when it comes to applying for loans.
Internet banking has the advantage of allowing instant access to most services without ever stepping into your bank; cashback makes this process of avoidance complete.
3. Andrew Lewis
I am inclined to agree with GK on the security issues. Do you remember Barclays displaying 1000s of accounts online?
I prefer online banking with Lloyds because of speed, ease of use and as an added bonus not having to talk to a really useless indian call centre.
As long as the banks take resposibilty for any security issues, then we should bank online with confidence....
I have expressed my opinion to my business manager and he didn't disagree with my sentiments about the call centre.
4. Jim Price
I totally agree with 'anonymous' about the way banks treat their 'walk-in' customers. Unfortunately there are few other practical ways of paying in cash and Nationwide have recently made that near impossible. I had a four figure sum to pay in which all in notes apart from SEVEN one pound coins, which they refused to take on the grounds that they would have to be counted! As the inpayment was not to my account, I threatened to write a whole series of small cheques for them to process and afer three phone calls the 'got permission from head office' to accept the coins!
5. anonymous
For me, dealing with the internet is the most convenient way.
I opened a current account with Post Office Giro as a trial within months of its being available. Over the years I have left Barclays, National Westminster & TSB due to my dissatisfaction with their security, competence or charges.
Since Alliance & Leicester have now taken over Giro, my nearest branch is 10 miles away, without free parking or convenient public transport. Post offices are a convenient place to deal in cash; they will also 'pouch' paying in cheques - quicker & safer than ordinary post.
6. Mike Altendorf
It’s unlikely that people are going to completely abandon the high street but it’s no surprise that more and more are now banking online. The key for banks will be to combine a secure and sophisticated online service with a high street one. Online should allow customers to not only take care of transactional banking but also chat online with financial advisers, while high street branches should offer both face-to-face contact as well as kiosks for those that like to visit their branch but don’t want the hassle of long lunch-time queues.
This combination should negate the need for costly and annoying call centres.
7. Allan
Every time you go into a bank they try to sell you anything from car insuarance to a mortgage - not solid financial advice. No wonder people prefer to deal online. The people with red faces should be the banks themselves, where good financial advice has been replaced by "sales at all costs".
The current personal debt crisis is as much the fault of the people who lend the money (sell you credit) as it is the people who borrow.
8. Malcolm Charlaw
I find using online banking quick, easy and convenient. Even though banks are open for longer, finding the time to go to my local branch is next to nil.
My confidence in online transactions is higher than going into a shop where my card could be put through a copier. I won't even my details to charity street sponsor seekers.
Banks need to realise that more could be done for their customers on line, like chat where things can still be discussed with a human being.
9. man_d
"I currently don't use Internet Banking - but would like to. However, i just don't trust and believe banks to fully appreciate and acknowledge the security issues involved.... Especially with all the viruses, fraud, hacking, phising etc going on with the internet..."
You're more likely to have your account details stolen from a receipt or other paperwork that has not been properly destroyed - if you're worried about your security when banking online, get a Mac.
10. Sarah
For me it is quite simple. The major reason why I prefer online banking is to do with the lack of confidence that I have in bank staff (based in the UK or abroad) to carry out my instructions.
I am perfectly happy to speak to people at my banks and yet every time I do it seems that they are not capable of doing what I ask, even simple instructions.