Confidence in online finance soars as surfers overcome Net data fears

An increasing number of consumers are using Internet technologies for managing their finances, revealing a growing maturity in...

An increasing number of consumers are using Internet technologies for managing their finances, revealing a growing maturity in Internet usage, according to an industry report.

Statistics released earlier this week from a survey published jointly by Mori and Internet bank Egg show that, despite fears about the security of online transactions, 27% of Internet users engage in online banking.

According to the research, nearly half of the UK's adult population (48%), which equates to some 22m people, are using interactive technologies such as the Internet via PCs, digital televisions and mobile phones. Of that number, some 34% have either bought or applied for a financial product online.

The Embracing Technology report, which aims to measure the change in the proportion of UK adults using interactive technologies, surveyed 2,008 adults aged over 16 during April this year.

The figures show that insurance products are proving to be one of the most commonly accessed services. About 17% of Internet users said they have accessed insurance services online. Other popular financial B2C offerings highlighted in the report include share dealing (7%), loans (6%) and Isas (5%).

According to Robin Bloor, chief executive of Bloor Research, the increasing number of consumers accessing financial services online is an indication that consumers are learning that Internet banking is safe.

"These figures indicate that that critical mass has been achieved in UK online banking, but for those banks with a poor showing, this should be a real wake-up call," he warned.

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