How Many People Use Online Banking?

The increase in the number of banks offering online options for their customers to conduct transactions has resulted in a subsequent rise in the number of people enrolling in the program. A recent survey related by CNET conducted by the Gartner Group showed that 30 percent of those in the U.K. and 47 percent of those in the United States used online banking. (http://news.cnet.com/8301-1001_3-10265409-92.html) These numbers can only increase with time as more people become connected to the World Wide Web.

Many refuse to engage in online banking because they fear the threat of security attacks, identity theft and site outages from being hacked. For the major online banking providers, these are mislaid fears. High tech security features built into these online banking sites protect the user’s information from prying eyes and computers.

Online banking offers more conveniences than traditional banking. Rather than writing checks and hand calculating a checkbook, online banking allows for automatic bill pay. This withdraws the funds needed to pay for the amount due on the bills of established accounts. You will never have to fill out a check for your electric company again. Each time a transaction is made online, the results are visible immediately on the online banking site. This helps the user to better keep an eye on his finances by seeing how they change over time.

Younger users and those more technologically savvy are more likely to embrace these online banking sites, but with their increased use, those less trusting of the service will likely change their minds and engage in virtual banking.

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