August 4, 2006

New research from Lloyds TSB internet banking has shown that many customers in the UK prefer to conduct their financial affairs over the internet, with 54 per cent opting to do their banking on the web.

Some 32 per cent of customers would prefer to apply for a credit card on the internet, according to the research.

Another 43 per cent of people said they would rather apply for a loan online, while 38 per cent said they would feel most comfortable using the web to take out an overdraft or overdraft extension.

Speed was the most common reason for people using the internet, with 87 per cent of people saying they wanted to save time, while 70 per cent thought it was generally more convenient and 58 per cent feeling that it put them in more control of their money.

Anita Hockin, head of internet at Lloyds TSB said: "Money is one of the few subjects that many people still feel uncomfortable talking about, even with their bank.

"Internet banking has become increasingly popular in recent years, not just because it's convenient, but because it gives people privacy when it comes to managing their money."

The bank currently has over four million registered internet banking users, with a full range of services available online.