Millions of Brits who have not used online banking so far would be interested in trying it out, new research from the Payments Council has revealed.
The report – titled Supporting People Interested in Using Online Banking – found that 78% of UK adults could potentially use online banking.
Seven of ten people who could already use online banking do so while a further 10%, equivalent to around four million people, said they were interested in using it.
People saw the ability to check balances and make payments as the main benefits of the technology with nearly three quarters of non-users agreeing that these features were helpful.
The report also revealed that those who have made the transition to online banking tend to stick with it – only 2% of the people surveyed had previously used it but no longer do.
Reasons for not using internet banking
Security was a major factor behind people not wishing to start internet banking, as only 15% of interested non-users were “very confident” that it is safe and secure.
Furthermore, one in four people were concerned about remembering PINs or passwords as a number of security checks are required when using online services.
Other reasons for not trying online banking included a lack of confidence and a lack familiarity with the systems.
More information related to security and staying safe online as well as an advice helpline were highlighted as factors which could boost online banking uptake.
Not everyone wants to bank online
Having internet access was not a guarantee that people would use online banking services either, as 20% of those questioned expressed no interest in using online services with their main account. That equates to around eight million people who do not wish to bank online despite having the capability to do so.
Older people were even less likely to be interested in using online services, as only one in six people aged over 65 who was not already using internet banking wanted to do so.
Wanting to do banking face to face was listed by 30% of people as a reason for not using online services while 27% said they found their current methods convenient.
A further 11% said they did not need to carry put banking activities very often and so could see very little point in having an online account.
Staying safe online means protecting important information such as passwords and login details – it is important to note that the bank or the police will never ask for these details in full, either via email or over-the phone.
Passwords and PINs should also be used to lock devices too in order to further protect personal information, especially on mobile phones and tablets.
A certain level of legal protection exists if fraudulent activity occurs when using online, phone or mobile banking as long as details are kept secure and the person is not a knowing party to fraud.
Any unauthorised transactions must be refunded by the bank concerned. This cannot be refused because a password, card or PIN was used and in these instances the bank must prove a person acted fraudulently or was negligent when it came to protecting details.