Technology has made
banking services more available and raised the expectations of
customers, according to the
British Banking Association.
The British Banking Association (BBA) revealed the scale of
IT-reliant services used by conusumers in its annual review of
statistics.
The BBA figures said 40,000 people check their balance or
statement
through online bank accounts every ten minutes, in its 25th
annual Abstract of Banking Statistics for 2007. It also revealed
3,700 people pay bills online and UK bank IT systems clear 260,000
payments made by cheque, automated and plastic card payments.
A spokesman at the BBA said customers expect more from banks as
a result of technology and
banks are investing in systems to satisfy this demand.
"The expectation of customers today is for 24-hour services from
banks, which includes online banking and ATMs," he said.
"Banks have invested and continue to invest heavily in
technology which can deliver services around the clock immediately
to their customers," he added.
240,000 UK citizens access online bank accounts every hour and
this number increases massively during peak times.
Chris Skinner, CEO at financial services think tank Balatro,
said banks are very exposed to damage to their reputations when
things go wrong. "There have been a few instances when one server
has gone down on an
ATM network and people have not been able to access cash."