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Brits believe online banking makes them more financially savvy

24th October 2011 Print

Nationwide Building Society has unveiled research showing that nearly six out of ten people (58%) are more aware of their personal finances as a result of online banking and a third (33%) are more aware of their household's financial situation because they do their banking online.

In fact, online banking is not only boosting the nation's awareness of its own finances, nearly a quarter (23%) of people said they were more aware of different financial products such as ISAs, credit cards and mortgages as a direct result of online banking.

So, why are we going online?

The convenience factor

The vast majority of people (82%) choose to bank online for the convenience, and eight out of ten (80%) prefer the flexibility of being able to bank when they want to.  And, despite being a nation famed for its love of queuing, the research has shown that 46% of Brits are going online to get away from queues.

Whilst ease and flexibility are clear reasons people are banking online, the ability to discreetly access their finances is also important with over two fifths (41%) of consumers admitting they bank online for this reason. 

The evening proves to be the most popular time for people to log on to their internet bank, with nearly a third (30%) of people admitting they most commonly bank online at home during the early/mid evening, while 26% do so in the late evening.  By comparison, 29% of people choose to log on during the mid morning, and just over one in ten people (13%) use their lunchtime to manage their finances online.

It's more than just a short-term trend

When asked, almost half (48%) of respondents said they have been banking online for between three and six years, 12% for seven to eight years, 12% between nine and ten years, and 6% around 13 to14 years - i.e. since 1997 when Nationwide launched the UK's first internet bank.

"The research has really highlighted just how important online banking is to helping people keep track of their money.  Our refreshed and user friendly online bank is incredibly intuitive which should help to encourage more people to give online banking a go.  And, with household purse strings tightening, our new graphs which show people what they are spending their money on will no doubt be a useful tool," said Nationwide's head of channel integration, Richard Searle, who has headed up the re-launch of the new internet bank at the Society.

Nationwide's new internet bank - launched earlier this month - has already been made available to over a quarter of a million customers, with more to be automatically transferred in a phased programme by the end of the year.  Members and customers who bank online with the Society will benefit from a number of features, including:

New calendar view of transactions; which means members can see more easily money coming in and going out
Easy to understand graphs; which compare income against spending and track account balances
Clear and simple statement view
Improved sorting and filtering of statements
Quick and easy process for setting up payments and step by step guide
Quick links to popular transactions
Improved help and support for when members need it
A modern, fresh design

The online bank will be available via nationwide.co.uk.