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UK consumers do not trust online banks, says study.

INTERNET BUSINESS NEWS-(C)1995-2000 M2 COMMUNICATIONS LTD

New research by branding and identity consultancy Henrion, Ludlow & Schmidt has revealed that Britain's new online banks are struggling to win customers' trust, with only 7% of people trusting online banks such as Smile and Egg, while three quarters place more trust in the older 'bricks and mortar' high street banks and 14% trust neither.

The survey, which polled 1,000 consumers aged 18 and over across the UK, also showed that younger consumers are more comfortable with the new ways of banking, with 12% of those under 35 trusting the online banks more than the high street banks compared with just 5% of those over 35 and 3% among those aged over 65.

Women seem to prefer banking on the high street. Almost 80% of them place more trust in traditional banks compared with 69% of male consumers, while just 6% of women and 8% of men would choose an online bank over a high street equivalent. Almost 20% of male consumers and 10% of women trust neither online nor high street banks, according to the study.

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Publication:Internet Business News
Date:Jul 12, 2000
Words:197
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