Online banking is here to stay, says expert

Wed, 19 Sep 2007

Online banking is here to stay and has a strong future in the financial services industry, an expert in the finance sector has said.

Chairman of Peopleschampion.com Jim Spowart commented to BBC Radio Five Live and the Today programme that online banking is key for the future, although some improvements could be made.

Referring to the problems at Northern Rock, he remarked that lessons could be learned by the banking industry.

Mr Spowart added that banks should give their customers phone and internet facilities.

"Some banks are internet only yet I feel there has to be dual-capacity so people can be assured about their savings and investments," he noted.

Banks should be versatile and telephone and internet capabilities would assure customers, Mr Spowart said.

HSBC has commented recently that online banking is safe to use as long as there are no viruses on the computer that the customer is using.

Nick Staib of the firm remarked that online banking is as secure as other activities carried out over the web by consumers, such as booking flights with their credit or debit card .

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