We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

Brits love online banking

Egg reports interest rise in digital dough

Us Brits are rapidly becoming a high-tech nation willing to take advantage of interactive technologies, according to a report released today by online bank Egg in association with poll company Mori.

A strong link was highlighted between experience and how comfortable people feel using the internet, which in turn means they are confident using the internet for more sophisticated purposes, such as banking and share dealing.

"We are now seeing a significant level of interest and anticipation for technologies such as digital payment and aggregation services, which are currently not widely available in Britain," said Mark Nancarrow, chief operating officer at Egg.

Over a quarter of Britons (27 percent), the study revealed, would swap their cash and credit cards for digital payment solutions involving iris- or finger-recognition systems.

Web use in general has grown by six percent since April with around 25 million people now regularly using the internet. Egg says this growth has also boosted the number of people banking online, with 5.5 million Britons now conducting financial transactions via the net.

Over half (56 percent) of those who do bank online are people that have been using the internet for at least five years, and only 11 percent of new users — that is those that have been online for less than a year — have used internet banking.

The growth in the uptake of digital TV, the report said, had encouraged people who perhaps would not have considered buying a PC to go online via their televisions.

But the convenience of internet banking may just be a little too expedient for some. Internet bank Cahoot said that it is not unknown for customers to make transactions while inebriated, then ring up the next day in a panic unable to remember what they have done. So just be careful.

IDG UK Sites

5 reasons not to wait for the Apple Watch: Why you shouldn't buy the iWatch

IDG UK Sites

Why local multiplayer gaming is rapidly vanishing: we look at the demise of split-screen and LAN...

IDG UK Sites

How Emotional Debt is damaging digital design

IDG UK Sites

How to update your iPhone or iPad to iOS 8: including how to install iOS 8 if you don't have room