MSE News: Online banking has transformed the way people manage money

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Maurice Cleaves of the Payments Council explains how online banking has transformed the way people manage money...
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Guest comment: Online banking has transformed the way people manage money

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  • Pincher
    Pincher Posts: 6,552 Forumite
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    They closed the branches for Lloyds, TSB, Barclays, Abbey National, Bradford and Bingley, and most recently Nationwide. All we have left is HSBC and NatWest. As if there is a choice not to use online banking.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    Should we be encouraging people who aren't comfortable with using online banking to use it?
    Surely, if you are a person who thinks they are susceptible to phishing scams and the like then the chances are that you are.

    I don't know what the answer is for these people. As you say, it is difficult to remember how we coped before online banking. But I'm not convinced that the answer is to try to get them to sign up when they aren't happy to do so.
  • eskbanker
    eskbanker Posts: 31,450 Forumite
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    I'd have thought that telephone banking would generally be considered a suitable halfway house between online banking and having to go to branches for everything?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    There is also a small number of people who don't have internet access and are not going to have any. These also need to be catered for. Telephone banking might be an option but then it might not be.

    For most of those who do have internet access but don't wish to use it for their banking needs, there's just 3 things they need: education, education, education.
  • dr_adidas01
    dr_adidas01 Posts: 2,136 Forumite
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    What about the elderly who won't have access to the internet or have any idea of how to use internet banking, how are they going to manage without physical branches or telephone banking.

    You also need to read the forum threads that have popped up in the last week where posters even though they have online banking and use it don't take responsibility for their own stupid actions.
    Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:
  • SailorSam
    SailorSam Posts: 22,754 Forumite
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    It may have caused the death of some small businesses. Since the growth of Internet banking we've had a correspoding decline in branches. But many small businesses depended upon them to do daily cash deposits or getting change. And the customers who once went to the bank before going going shopping never walks down the High St.
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  • Oblivion
    Oblivion Posts: 20,248 Forumite
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    I'm 65 and online banking holds no fears for me, I couldn't do without it. I love the instant access to my current account, especially to make electronic payments, and keeping tabs on my credit card balances and my numerous building society accounts makes life so easy.

    Far from making me fearful of scams and fraud, it has helped to alert me on two occasions within hours of my credit card details being used fraudulently (the frauds being nothing to do with internet use). So much better to be able to check your balances and transactions every morning than have to wait for a monthly paper statement when the fraudsters trail has gone cold.
    ... Dave
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  • GingerFurball_2
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    What about the elderly who won't have access to the internet or have any idea of how to use internet banking, how are they going to manage without physical branches or telephone banking.

    You also need to read the forum threads that have popped up in the last week where posters even though they have online banking and use it don't take responsibility for their own stupid actions.

    Being elderly isn't an excuse, I was speaking to someone the other day who's 96 and uses online banking.
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  • dr_adidas01
    dr_adidas01 Posts: 2,136 Forumite
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    Being elderly isn't an excuse, I was speaking to someone the other day who's 96 and uses online banking.

    I never said being elderly was an excuse, their are elderly people out there who will not use internet banking and will have no idea how to use it, or will feel the need to use it, so how do they do their banking?

    It took me an age to get my gran to pay her bills via direct debit, rather going to the bank drawing out a few hundred pound and then going to the post office to pay her bills.

    I admit to very rarely going into my local branch, the only time I ever usually do this is to pay in a cheque, which when all banks start allowing you to take pictures of the cheque and then uploading it to be processed, will it then do away with my need for a local branch.
    Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:
  • Stuart_W
    Stuart_W Posts: 1,737 Forumite
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    Archi_Bald wrote: »
    For most of those who do have internet access but don't wish to use it for their banking needs, there's just 3 things they need: education, education, education.

    I disagree with you, and the tone of Mr Cleaves' article. 20% of folk don't want to bank online. Fine. No one should be trying to hold a gun to their head and make them.

    Many barriers to access of the past have been removed (free education is available, internet access is now very cheap or free, devices that go on the internet are getting ever cheaper) and I get the impression that Mr Cleaves is a little cheesed off that despite this, one in five people aren't interested.

    Tough. It should still remain a choice - hopefully an informed one - but a choice none the less. No one has forced me to go into a branch since joining smile in 1999. Similarly, no one should be forced to bank online.
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