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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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