BRITONS made almost 7bn online banking transactions last year, according to figures published today from the
Internet banking use has surged by 40 per cent since 2009, the numbers show.
But the rise of online banking has hastened the demise of the traditional bank branch. Over the same period, the number of branches across the country fell by around 1,000, to 11,000.
Customers made 316m bill pay-ments online last year, 293m account transfers and 152.6m direct debit and standing order creations or amendments.
The websites were also used for 1.1bn account queries, and 10.5m stop payment instructions.
"There are clear productivity gains for our economy from internet banking," said the BBA's chief economist
"Many of us are spending less time queuing in branches and can avoid unnecessary fees by keeping a sharper eye on our balances. This is helping customers and providing wider economic benefits."
Big banks have made it clear they could close more branches in future.
Lloyds' promise to keep maintain its total number of branches expires at the end of this year.
Challenger bank Atom, which hopes to be up and running next year, plans to be entirely digital with no high street presence at all.
However, other new banks are increasing the number of branches on the high street.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 30, 2014
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