Majority of Brits using online banking
(24 January 2007)

More than two thirds of Britons used internet banking to conduct the majority of their banking in 2006, according to a recent survey.

The study, conducted by Lloyds TSB, found that the figure compared with fewer than one in five during 2005.

More than half of those questioned said they used online banking more often this year than they did last year, while 70 per cent of the over 50s cited the money management method as being their preference.

The most popular reason given for banking online was the constant availability of the service, with the second most cited answer being the convenience of financial management regardless of the place.

Anita Hockin, head of Internet, Lloyds TSB said: "The growth of internet banking is phenomenal and this year is set to break records."

However, she went on to issue a warning to consumers: "The popularity of internet banking is at an all time high but it is important not be complacent about fraud."

Ms Hockin assured consumers they would be safe using Lloyds TSB's services because the bank had security precautions in place, including anti-virus software and firewalls.

The Brazilian Federal Bank recently said that it expects mobile banking to surpass internet banking by 2012.