Posted December 9, 2011 by Simon in News

Online Banking vs Social Media


recent survey by Nationwide Building Society has highlighted the ever growing popularity of online banking amongst the internet generation, and  suprisingly internet banking has even outranked the use of social media websites such as Twitter and Facebook.

The research conducted by Opinion Matters earlier this year, asked 1500 internet users as to what their top reasons for going online:

  • Banking (77{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1})
  • Shopping (77{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1})
  • Looking for holidays (65{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1})
  • Social media (58{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1})
  • Using auction sites such as eBay (53{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1})
  • Job searching (37{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1})
  • Downloading movies/music (36{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1})

There is also an interesting trend between the sexes of the users surveyed, as stereotypically you would expect more women to shop online, and men more concerned with the financials.  However, the divide was split quite evenly, with 79{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1} of men and 76{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1} of women using internet banking, and 75{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1} of men and 79{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1} of women shopping online.

Richard Searle, Nationwide’s head of channel integration, said:


“Online banking has really taken off over the last few years and that is something we have been very aware of with the launch of our new and improved internet bank, but I have to say even we were surprised to see it beat social media (e.g. Facebook) as one of the top reasons the nation goes online.”

“This research has been interesting as it has bucked a few trends showing women and men have very similar online habits online banking, shopping, looking for holidays and social media.  It has also shown the amount we now all use online banking as part of our daytoday lives, with a quarter (25{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1}) of us going online 24 times a week and 12{a7f143556510d926cb072b695f3ed49f89b7d13a9d4c359f2399f0d9de0c1da1} going online once a day, and this is only likely to grow as technology evolves and tablet computers are made more affordable”