Online banking usage grows 174%

The use of internet banking has grown 174% in the past five years in the UK, according to Apacs in its latest telephone and internet banking figures.

The use of internet banking has grown 174% in the past five years in the UK, according to Apacs in its latest telephone and internet banking figures.

In 2006, a total of 17 million people used online banking services compared with 6.2 million in 2001, which exceeds the number using telephone banking, which stood at 15.7 million.

People between the ages of 55 and 64 accounted for the largest rise in the period with a 425% rise, with a total of 2.1 million using online banking.

The biggest users were those between the ages of 35 and 44 who accounted for 4.2 million uses, closely followed by 25- to 34-year-olds with 4.1 million users

Sandra Quinn, director of communications at Apacs, said: "Our research shows that more and more people are turning to the internet rather than the phone to manage their finances. While younger people continue to make up the majority of online banking users, the greatest proportion of new internet bankers are the over 55s. As a group they have come to embrace the ease and efficiency that online banking offers."

Internet banking figures

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