People are placing far more faith in the Internet to manage their personal finances than ever before, suggests a new report.
According to the document, the Internet is fast becoming the UK’s premier tool to source, compare and manage all types of finance related matters. Since the advent of the world’s first online bank almost 10 years ago, the number of consumers using E finance facilities has increased by almost 30% year on year.
Popular perception of E banking has also changed over the years. Initially many consumers were reluctant to use the Internet as a means to manage bank accounts due to possible security threats. However, as time has passed so to has the change in attitude towards the net as a whole, and now more people than ever are using online facilities.
Traditionally online banking has been the most popular form of using the net in relation to personal finances, but according to the report the number of people using the net to source loans, mortgages, credit cards and insurance is set to overtake its lead. Over half of all people actively using the net to manage their personal bank accounts are also using the same facilities to manage loans, and credit card spending.
The Internet offers unparalleled convenience for consumers when it comes to tracking, paying and sourcing any type of financially related product or service. Online security has been the biggest deterrent for consumers, but increased public awareness and ever evolving technologies are dosing that fear, which in turn is leading to increased consumer confidence.
With more and more homes connecting to the net, the number of people using online services to manage many aspects of their daily lives (not just finance) can only increase, its simply a matter of time.
