Nationwide

Nationwide

October 11, 2011 02:30 ET

'OMG' More 'Peeps' Go Online to Bank Than to Use Facebook

LONDON, UNITED KINGDOM--(Marketwire - Oct. 11, 2011) - New research* from Nationwide Building Society reveals that more people bank online (77%) than log on to Facebook and Twitter and other social media (58%). In fact, shopping (77%) and online banking jointly topped Nationwide's research into what consumers do online.

The TOP reasons people go online are:

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

The research also showed some interesting comparison between the sexes. Stereotypes would normally have people believe women shop and men handle the finances, whilst this research shows that men are actually going online to bank only a marginal amount more, with a difference of three percentage points (79% vs 76%). Similarly, women only out-shop their male counterparts by four percentage points (79% vs 75%).

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 day-to-day lives, with a quarter (25%) of us going online 2-4 times a week and 12% going online once a day, and this is only likely to grow as technology evolves and tablet computers are made more affordable."

Nationwide's research coincides with the launch of Nationwide's new and improved internet bank, which aims to make online banking easier and faster than ever before.

Nationwide's new internet bank will begin to be made available to customers from October**. Existing members and customers who bank online with the Society will benefit from a number of features, including:

  • New calendar view of transactions; which means members can see more easily money coming in and going out
  • Easy to understand graphs; which compare income against spending and track account balances
  • Clear and simple statement view
  • Improved sorting and filtering of statements
  • Quick and easy process for setting up payments and step by step guide
  • Quick links to popular transactions
  • Improved help and support for when members need it
  • A modern, fresh design

The online bank will be available via www.nationwide.co.uk.

About Nationwide

Nationwide Building Society is the world's largest building society and a top-three provider of mortgages and savings in the UK. It is also a major provider of current accounts, credit cards and personal loans. With around 16 million members, Nationwide has a relationship with around a quarter of the UK population.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year 2010/11, Nationwide made a strong underlying profit of £276 million – up 30% from the previous year. Its strong financial performances and prudent business model means that Nationwide is included in Global Finance magazine's Top 50 Safest Banks in the World.

Notes to editors:

* Online research based on a sample of a minimum of 1,500 UK respondents, conducted by Opinion Matters for Nationwide Building Society between 31 August 2011 and 14 September 2011.

** All customers and members will be automatically transferred, in a phased programme, by the end of the year.

Demonstrations of Nationwide's new Internet Bank can be viewed at: Internet Bank demos.

The Nationwide press release unveiling the new Internet Bank can be viewed at: press release.

The new Internet Bank, which has been designed with the help of nationwide customers, and in association with IBM, forms part of the Society's transformation programme. IBM Global Business Services has worked with Nationwide from the outset of this programme from helping to develop the strategy through to supporting the rollout to customers. IBM has provided business and technical analysis and design, development and testing services and support for business process change and training strategy.

Find recent press releases and photos at the Nationwide Media Centre: www.nationwide.co.uk/mediacentre.

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