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An Overview of Online Banking in the United Kingdom
In the UK, many banks and building societies are posturing to capture a large percentage of the online banking market share. And it seems that the UK consumers are benefiting from this competition most. Online banking in the UK is getting big; there is no doubt about it: 6.5 million consumers are online banking customers. And that figure is projected to rise every year--not because of bank closures--because of the ease that online banking offers. Everyone can say that it is easy and some people may still be dubious about that. But to anyone who is an online banking customer, they will know just how easy and simple it is.
The UK, like any other country, has banks on every street corner. And these banks try to lure new customers in with big bright signs: "apply now and get a 6.9% APR rate on your card!" When you are on the Internet, these banks take the same approach. On their websites, there are banners that banks use for advertising space because they understand that so many people are using online banking; and that they need to accentuate their competitive advantages to attract customers over the Internet.
Despite all of the advantages to online banking in the UK, not everything is perfect.One in twenty consumers will fall victim to online fraud; and when they do, it will cost them big time. The UK's fraud cost last year was £58 million ($101 million), which is quite scary for consumers looking to join an online bank. To be honest, it is safer to use a brick-and-mortar bank; however, in order to keep this safety net, you must sacrifice convenience and flexibility.
If you decide to open an online banking account but are apprehensive about the security issues, you should spend a considerable amount of time selecting a unique and hard-to-crack password; and in addition to this, you should also use other values for your optional information that is hard to determine.
More Resources
Online Banking News HSBC online banking hits another wall - Register
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HSBC online banking hits another wall Register The Register has heard from plenty of disgruntled users of HSBC's online banking system this morning, who find themselves still locked out of the service. ... Customers 'struggle' to access HSBC online bankingPeriscope IT
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Dollars and Sense: Online Banking - KHON2
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Dollars and Sense: Online Banking KHON2 Newman says there are many benefits to on-line banking. No waiting in line with on line. "Online banking is a green option because you've got less paper to ...
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McCombs invests in online banking venture - Bizjournals.com
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McCombs invests in online banking venture Bizjournals.com San Antonio entrepreneur Red McCombs has agreed to make a substantial investment in the online social banking company SmartyPig. Terms of the deal were not ...
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Online banking grows - More customers choosing 'free' over 'fees' - Jamaica Gleaner
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Online banking grows - More customers choosing 'free' over 'fees' Jamaica Gleaner Jamaica's largest commercial banks are reporting a significant growth in the number of customers resorting to online banking, a free service. ... Online banking on the rise in Jamaica – reportThe Paypers (abonnement)
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