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Consumers more engaged with their money

Consumers more engaged with their money

Category: Banking

Updated: 06/06/2016
First Published: 06/06/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

When was the last time you logged on to your online banking facilities? Chances are, it was fairly recently, with data from Halifax revealing that customers logged on more than 60 million times in March, highlighting the growing level of engagement consumers are having with their money.

Indeed, it's the first time that the number of monthly log-ons to online banking has surpassed 60 million, with Halifax's Digital Dashboard showing that their customers logged on more than 180 million times in the first three months of the year. In March alone there was a 22% rise in the number of customers signing onto their online banking service compared with the year previously, with customers logging on an average of 13 times each.

This leap correlates with more online banking customers using their mobile to log on. The figures reveal a 38% increase in mobile log-ons compared with last year and there's now an average of 18% more customers logging on via their mobile phone than desktop PC, which means mobile remains the most popular log-on device of all.

Furthermore, not only are more customers logging on more frequently, but the data also revealed that they're being more proactive in managing their money when online. The figures show that, while 78% of people login to review account activity via their statements, 19% were logging in to move money, an increase of a third year-on-year. Of those online payments and transfers, almost half (47%) were when customers move money between their own accounts, which they did an average of five times a month.

"Having the ability to move money between accounts instantly can provide peace of mind for customers that their funds are where they need to be," said Annie Hind, Halifax Digital director, with the ability to access their bank 24/7 often being invaluable.

We've all had those occasions when we realise we've got a bill coming up and don't have the funds available in our main account to cover it, which is when being able to transfer between accounts quickly, easily and instantly can really come into its own. It gives people the tools to manage their money far better, and happily, it seems that mobile banking is really driving that level of engagement.

In this day and age, having usable online banking facilities is an absolute must, so if you're not happy with your provider's current offering – or if you're not impressed with your account for any other reason – don't be afraid to switch. Thanks to the Current Account Switch Guarantee you'll be able to change accounts in just seven days, and with plenty of great options out there, you could become even more engaged with your money.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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