Business Irish

Thursday 30 March 2017

Queue-busting clients embrace online banking

Charlie Weston Personal Finance Editor

WHEN it comes to banking, the mouse is now mightier than the pen.

New figures show that customers are turning their backs on cheques and other paper-based transactions to do their banking online instead.

Some 2.6 million people are registered for internet banking.

And there has been a huge increase in the number of people making payments through their computers, rather than queuing in a bank branch.

Customers accessed their accounts a staggering 136 million times last year -- a rise of 20 million on the figures for 2008, according to the Irish Banking Federation.

And last year, customers made 34 million payments -- or 95,000 a day -- for the likes of mobile phone top-ups and international payments.

Clients in this country also seem to be embracing electronic banking more enthusiastically than their British counterparts.

The average number of online payments per head in Ireland is seven, compared to 5.5 in Britain, said Pat Farrell, chief executive of the Irish Banking Federation.

However, we lag far behind the Norwegians, who make an average of 36 electronic payments per head each year.

Irish Independent

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