Online banking

The days of keeping your monthly wage under the mattress or in the freezer have long gone, and so it seems so have those mornings or lunch hours spent queuing in line at your local bank branch.

Online Banking has taken the industry by storm and what once seemed like a novel, yet somewhat dangerous, idea has now become the norm for almost half of British expatriates.

Managing money online enables customers to have far clearer picture of their finances than by other, more traditional methods.

Over 40 per cent of people with bank accounts use internet Banking at least twice a week and by contrast only 3 per cent of those relying on face to face contact visit at least twice a week, and only 2 per cent who use phone Banking do this regularly.

Research from Lloyds TSB into online Banking revealed that on average 24 per cent of Banking customers are too embarrassed to talk about their finances over the phone or face-to-face.

Anita Hockin, head of Internet, Lloyds TSB, said: "Money is one of the few subjects that many people still feel uncomfortable talking about, even with their bank. Internet Banking has become increasingly popular in recent years, not just because it's convenient, but because it gives people privacy when it comes to managing their money.

While Internet Banking is attractive to people who feel shy talking about money matters, nine out of ten say they bank online to save time, while almost 70 per cent think Banking online makes life easier.
Nearly two thirds like the fact that Internet Banking fits in with their busy lifestyle and over half 58 per cent say that it puts them in control of their money.

Waste not, want not

With the hectic lifestyles people lead today, anything that makes day-to-day tasks as hassle-free as possible is welcome – and managing finances is no exception.

However, it isn’t just convenience –research reveals that those who do all of their Banking online are the most likely to feel fully in control of their finances compared to the population as a whole.

A number of Internet bankers feel the amount of paper they receive is excessive, with 15 per cent wishing they didn’t receive paper statements for accounts which have already been paid, and 9 per cent saying they receive too many paper-based bills.

Helen Palmer Manager of Current Accounts at Alliance & Leicester said: "With our busy lifestyles, internet Banking is more convenient for many people than traditional branch Banking. Banking online allows customers to address payments and bills without having to deal with reams of paper.”

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