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INTERNET BANKERS STILL WANT HIGH STREET BRANCHES

The number of people banking online is still increasing rapidly, according to new research by Nationwide.

The percentage of current account holders doing at least some of their banking via the internet has more than doubled in the last year, up from 5% to 11%.

It means about 4.3 million of Britain's 38.7 million* current account holders - or just under a third of all internet users - now deal with their banking provider this way.

However, only a small minority of internet bankers2 are happy to restrict themselves to carrying out all their financial transactions online:

- 17% of internet bankers say this is their sole method of dealing with their banking provider;

- 62% of internet bankers use the telephone;

- More than 80% also use a bank or building society branch, at least occasionally.

Steve Clode, Nationwide marketing director, said: "More and more people say the internet is the main way in which they deal with their bank or building society. However, they still feel having a branch nearby is important.

"Internet banking in Britain appears to be following the US pattern, where people who do most of their banking online still want choice and the reassurance of a high street presence."

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

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


Notes to editors:

MORI interviewed a representative sample of 1,917 adults (16+) within Great Britain on behalf of Nationwide between 8 and 12 March. A similar survey was carried out in February 2000.

May 2001 is the fourth anniversary of Nationwide launching the UK's first retail internet banking service. The number of Nationwide members registered for internet banking rose from 100,000 to 600,000 in the 12 months up to February 2001.

Members registered for internet banking can also access their accounts via Nationwide branches, post and telephone.

In December 2000, Nationwide launched Europe's first banking service for personal digital assistants operating on the Microsoft Pocket PC platform. WAP phone and internet TV banking services will be launched shortly.

For further details, please contact:

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.