Digital banking customers keeping a closer eye on their finances

9 Aug, 2017

People who bank through online and mobile platforms keep a much closer eye on their finances than those who don’t, according to research from Santander UK.

One in five (20 per cent) UK adults use online or mobile banking services to check their balance or look at what they have been spending once a day or more, and more than one in three (69 per cent) do so at least once a week. By contrast, people using paper statements are much less likely to scrutinise their finances regularly. One in five (20 per cent) haven’t checked their statement in the past three months, rising to nearly two in five (38 per cent) for those in the 18 to 34 year old age group.

Regular online and mobile banking usage is not just restricted to younger age groups. While three in four (76 per cent) 18 to 34 year olds check their online or mobile banking at least once a week, this falls only slightly to 68 per cent of 35 to 54 year olds and 65 per cent of those aged 55 or over, suggesting people of all ages are embracing and enjoying the benefits of digital banking.

A spokesman for Santander, said: “Our research shows that digital banking services are enabling people to keep a closer eye on their money in a way that suits their lifestyle.  And it provides a safe store of historic statements and documents that can be viewed or printed if needed.

“The ease and convenience of online and mobile banking has been embraced by people in the UK across all age groups. However, we do realise that online is not for everybody and we offer many ways for customers to keep on top of their money – we’re here to help if they need to speak to us.”

The living room is the UK’s favourite place when logging in to online or mobile banking, with 60 per cent of those who use these services doing so here. Other popular places include:

  • in bed – seventeen per cent                                      
  • at work – seventeen per cent                        
  • in the kitchen – eleven per cent
  • travelling to work – nine per cent
  • in the bathroom – seven per cent