Skip navigation

** But few want to organise personal finances exclusively online, says
Nationwide **

Internet bankers are set to be the big spenders - and savers - in 2001,
according to new research by Nationwide.

The study of consumer intentions found those who do their day-to-day
banking online were most likely to be planning major purchases and be more
financially active in the next six months.

More than one in five (22%) internet bankers* are planning to carry out
major home improvements, compared with 11% of adults. Similarly, 21% are
expected to buy a car, compared with 13% generally.

On the personal finance front, 16% of internet bankers are expected to buy
or sell shares (compared with 6% generally), 13% move home (10%), and 11%
take out an ISA (6%).

Only when it came to buying a PC or getting connected to the internet -
presumably, because many of them already have them - did internet bankers
expect to be less active in the next six months than banking customers
generally.

Nationwide also found take-up of the internet is continuing to rise, up
from 29% in February last year to 36%. The percentage of current account
holders doing at least some of their banking via the internet has also
risen from 5% to 9% - meaning about 3.5 million of Britain's 38.7
million** current account holders now deal with their bank this way.

Most internet bankers did not wish to be restricted to doing their
financial transactions on their computer, though:

- 10% of internet bankers carry out their banking exclusively online;

- 78% of internet bankers use the telephone, at least occasionally;

- 79% also use a bank or building society branch.

Jim Willens, Nationwide's e-commerce director, said: "Although we were
the first organisation to launch a retail internet banking service in the
UK, we have always believed our online services are there to give members
more choice - not less - in the way they deal with us."

"Few people want to deal exclusively online. All but a minority want the
option of picking up the phone or popping into a branch whenever they
wish."



* Participants categorised according to primary method used to carry
out day-to-day banking on their main current account

** Source: MORI Financial Services survey (9 months data to September
2000)

Notes to editors:

MORI interviewed 2,061 adults on behalf of Nationwide between 30 November
and 5 December 2000. A similar survey was carried out by MORI on
Nationwide's behalf in February 2000.

Nationwide launched the UK's first retail internet banking service in May
1997. The number of members registered for online banking rose from
100,000 to in excess of 500,000 between January-December 2000.

Members registered for online banking can also access their accounts via
Nationwide branches, post and telephone. In addition, in December 2000,
Nationwide launched Europe's first banking service for personal digital
assistants operating on the Microsoft Windows CE and Pocket PC platforms.

WAP phone and internet TV banking services will be launched by Nationwide
later this year.

Media enquiries to:

Peter Brown,

senior press officer,

telephone 01793 655423

peter.brown@nationwide.co.uk


Jennifer Stoddart,

senior press officer,

telephone 01793 655203

jenniferm.stoddart@nationwide.co.uk

This press release was distributed by ResponseSource Press Release Wire on behalf of Nationwide Building Society in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.