Lloyds TSB sees online banking boom

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Lloyds TSB sees online banking boom

Tue 23rd Jan 2007

Increasing numbers of banking customers are coming to realise the benefits of online banking, with research from Lloyds TSB showing a trebling of online usage in the past 12 months.

According to the bank, 68 per cent of its customers did most of their banking online last year, compared to 18 per cent the year before. Just 11 per cent of respondents to its survey said they had not used the internet to manage their finances in 2006.

And it seems its is the silver surfers who are leading the boom in online banking, with 70 per cent of those over the age of 50 saying they preferred to use the internet to conduct their banking business.

This echoes research from NatWest, which shows that the over 50s are one of the fastest growing groups of internet banking users in Britain.

Anita Hockin, head of internet banking at Lloyds TSB, said: "The growth of internet banking is phenomenal and this year is set to break records."

The main reasons given for choosing to bank online were the 24-hour availability of services and the convenience of being able to manage finances from anywhere.

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