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For the first time, Internet banking by UK customers has now overtaken telephone banking according to payments association APACS.

Research by APACS shows that during the first half of 2006 a third of the UK's population, 16.9 million adults, used the Internet for banking, double the use for 2002. During the same 6 month period, users of telephone banking fell from 16.0 million to 15.4 million.

Today, 20% of users use the Internet daily to access their accounts compared to just one in thirteen in 2002. Two-thirds of online current account holders access Web accounts at least once a week. Over half of those accessing their main current account online also accessed another account through this channel. The vast majority of Internet banking users demonstrated their preference for the Internet and online banking by shopping online using online accounts to transact payments and transfers.

According to APACS, the growth in Internet banking is across all age groups, although use 16-24 years old has accelerated to 25% of users from 13% in 2002. The majority of adult Internet users aged between 25 and 54 now use online banking.

© Amatica 17/01/2007