One third head online for personal loans and banking

Almost ten years after the launch of the first online banking service, it has been revealed that more than a third of people now arrange personal loans and other financial products online.

Research carried out by Nationwide in honour of the anniversary revealed that over the decade since banking was first available over the internet, the software used to manage personal finance has developed significantly.

Some 37 per cent of adults in the UK now use the internet to organise their finances, checking personal loan rates and bank balances, among an array of other financial services that can now be accessed via the internet.

"Internet banking has continued to be developed and enhanced over the last ten years and there is no doubt that it will attract more and more users," said Mik Hodsdon from Nationwide.

According to the study, 53 per cent of people who utilise such personal finance software do so because they find it convenient and 66 per cent of online bankers check their accounts once a week.

Some 14 per cent of people access information about their personal loans online and 17 per cent check up of mortgage accounts - with 49 per cent of online personal loan and remortgage holders checking the details after 6pm.

"This research shows that internet banking has become increasingly popular," Mr Hodsdon added.

"Customers have the convenience of banking from the comfort of their own home, or indeed wherever they are in the world, together with many additional benefits such as discounts and paperless statements."

Separate research from Apacs revealed that more people now go online to monitor personal loans, check bank accounts and manage other aspects of their personal finance than utilise telephone banking.

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