But branch
visits are still popular, with respondents preferring to deal face
to face for activities such as paying in cheques (73%), withdrawing
cash over the counter (20%) and obtaining more complex advice
(20%), says the survey of 2,395 UK adults.
Carried out by YouGov, the research reveals that there has been
a 63% rise in managing current accounts online since 2003.
Twenty-nine percent of Britons use internet banking between one and
two times a week, with 12% using it once a day.
In contrast, 12% admit to visiting their branch (to deal with a
person) once a week and a further quarter (23%) visit once a
month
Among Alliance & Leicester customers, 96% use the internet
banking site in order to check balances, while 76% go online to
make payments and transfer money.
Of those not currently using internet banking, 21% prefer
dealing directly face-to-face, and 13% have security concerns about
using online banks. However, 29% said that a security guarantee
would be likely to encourage them more.
The security of internet banking is set to improve in the future
as banks adopt measures such as two-factor authentication. This
technology adds another layer of security to the process by asking
users not only for information that they know – such as user IDs
and passwords – but also for something they possess. This could be
a device that displays a frequently changing unique password or
even a fingerprint.
According to reports, the Alliance & Leicester is set to
bring in two-factor authentication in the near future. Barclays and
Lloyds TSB are also running trials of the technology.
