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Online banking tops list as most important current account feature

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Being able to access your account and make payments from pretty much anywhere has made managing a bank account much simpler for a lot of people, so it’s no surprise that online banking has topped the list as the most sought-after current account feature.

Banking online means you can do pretty much anything – from making payments to viewing statements – all from the comfort of your home. You won’t have to queue like you would at a branch, and you can access it virtually anytime, as it’s available 24 hours a day all year round.

So, it comes as no surprise that 80% of us wouldn’t choose a bank account without an online banking facility, according to new research* by online account provider thinkmoney.

Out with the old

While online banking appears to be the most popular current account feature, other features such as cheques and telephone banking are regarded as less important.

Just 1 in 5 people consider access to a chequebook an important feature of a current account, which signals that maybe the cheque is a little old-fashioned for the 21st century person. This is further reinforced by a distinct pattern in age and the importance of cheques, as the older a person is, the more likely it is they consider cheques to be an important feature of banking.

Just 3% of those aged 18-24 consider cheques an important current account feature, compared with a much larger 37% of ages 65+.

This decline in the importance of cheques in the younger age groups could indicate that the future of banking will no longer see chequebooks as a necessary current account feature.

Interestingly, less than a third (27%) of people would consider access to an overdraft as an important current account feature, and those aged 65 and above are the least likely to desire one (19%).

In with the new

While cheques are dwindling away, both online and mobile banking appear increasingly popular.

While 80% of people see online banking as vital when looking for a current account, there seems to be very little difference in how desirable this feature is across all ages. Although online banking is a relatively new feature, older age groups look as though they have got to grips with the technology and are seeing the advantages, too.

In fact, ages 65+ seem more likely than ages 18-24 to see online banking as vital, as 79% of the older group consider it important, compared with 76% of the under-25s.

On the other hand, age seems to make a much bigger difference when it comes to the importance of mobile banking. Over a quarter (27%) of ages 18-24 consider mobile banking an important feature on a current account, compared with a tiny 3% of those aged 65 and above.

Ian Williams of thinkmoney commented: “With advances in banking technology, it’s no surprise that people are less concerned about ‘older’ features such as cheques.

“The sheer convenience of making payments online and on the move really does overshadow some more dated methods of banking, and it’s great to see that people of all ages are embracing this kind of technology”.

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3 Responses to Online banking tops list as most important current account feature

  1. Michelle says:

    Online banking is definitely important. If I can’t log in to my bank then that is just weird!
    Michelle recently posted..Is A House Right For You?My Profile

  2. I’m not surprised at the research results. It wasn’t that long ago that I was a beta tester for my bank when they first made online banking available. It is hard to imagine not being able to conduct saving/checking/investment business online now.
    James Molet (SavvyJames) recently posted..SavvyKids & Millionaires Next DoorMy Profile

  3. Moneywise says:

    Thank you for the statistics. As for mobile banking I think it is very useful, however, very unsecured. Mobile phones are the easiest devices to hack.
    Moneywise recently posted..‘Vishing’ phone scams on the riseMy Profile

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