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Twenty Years of Online Banking has Increased Financial Aware

Twenty Years of Online Banking has Increased Financial Aware

More than two thirds of consumers can keep on top of their finances due to the evolution of online banking.

Twenty years after Nationwide launched the UK’s first online banking service, the building society has surveyed 2,000 people in the UK to find out how online banking has changed the way they manage their money.

The survey revealed that 22% of people are in less debt because they can keep a closer eye on their finances, with almost 70% saying online banking helps them keep on top of their finances. 40% said it helps them budget better.

10% of people still do not use online banking services, however the pace and take-up of use has increased over recent years as the fintech revolution leads to more customer acceptance.

Nationwide’s director of mobile and digital, James Smith, said: “People are using the ability to log on anytime, anywhere to try to ensure they are staying well in control of their finances and attempting to avoid any unnecessary debt.”

He added that consumers are increasingly being drawn to new ways of making their money management easier. He said: “Innovation in personal finance is clearly something that intrigues people, as three in five believe we will be paying for everything via our thumbprint by 2037,”

The survey found that around half (55%) of people think phones or watches will be used to pay for everything by 2037 and 40% think cash will stop being used in the next 25 years.  

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