Barclays pays customers to bank online

Banks eager to exploit digital investment

Catherine McGrath, managing director of personal banking at Barclays, said: “Building lasting relationships with all of our customers means rewarding everyone, no matter what they earn. The more you bank with us, the more cash you get to use as you choose. With rewards on savings and other Barclays products launching soon, customers can be confident we’ll continue to give their monthly earnings a welcome boost.”

One customer said Barclays is not as responsive as it should be to online customer requests. "It sounds great, but it would be even better if Barclays would send me the replacement PINsentry I have requested but not received over the last eight months."

Banks conceal levels of cyber theft

Banks are eager to encourage customers to bank online and through mobile apps. They have invested in the technologies that enable them to reduce costs with fewer staff serving customers, and fewer branches. Banks are even prepared to hide the level of cyber crime they suffer, and cover the costs of losses to customers online.

Speaking at a TechUK conference this week, Adrian Leppard, commissioner of City of London Police, said cyber criminals are stealing more money online – but banks are not reporting the full extent of the theft.

He said only one in five cyber crimes is reported. Of those, only another one in five provoke a proper response from law enforcement agencies.

Leppard said the low reporting rates resulted from banks writing off cyber fraud as operating costs.

Online banking is the most used digital service in the UK, according to research by Fujitsu. Some 67% of people surveyed said they bank online, as UK citizens seek to make every day processes faster and simpler.