Britons Embrace Online Banking

19 August 2003

Some 11.5 million Britons will bank online by the end of 2003 – more than double the 5.6m recorded in 2000 at the zenith of the dotcom boom.

But the figures, compiled by Datamonitor, show that the vast majority of online bankers use the internet service of traditional high-street operators rather than web-dedicated banks. The latter sector – which includes Smile, Cahoot, First Direct and Intelligent Finance – boasts around 2.45m customers.

“Banks have moved on from the belief that people will move all their banking from branches on to the net,” commented Datamonitor analyst Alex Boorman. “People like to use all the channels available to them.”

Data sourced from: Financial Times; additional content by WARC staff