Almost three quarters of Scots use digital banking to control finances: Bank of Scotland

Nearly three quarters (72%) of Scots make use of the internet banking channel to take charge of their finances

Almost three quarters of Scots use digital banking to control finances: Bank of Scotland

Nearly three quarters (72%) of Scots make use of the internet banking channel to take charge of their finances, according to a research from the Bank of Scotland.

Highest use of digital banking was recorded in consumers aged between 25 and 34 years, with 78% of such consumers using digital banking. And 70% of consumers aged 55+ use of internet banking for handling finance.

The study further revealed that 28% of Scots use mobile banking apps to manage finances, with 47% of consumers in the 25 to 34 age group the most prolific mobile banking users.

In contrast, only 11% of consumers aged 55+ use a mobile banking app.

Sixty eight percent of consumers using technology said that technology helps them to control their spending more effectively, while 76% said that it helped them to check their balances more often.

Also, 51% of consumers said that they could avoid charges for going overdrawn owing to use of digital banking methods.

Bank of Scotland head of customer service Rachel Bright said: “Scots have traditionally had a reputation for being canny with their finances, and our research shows this is a tradition that is alive and well in Scotland today.

“We’ve seen a significant change in the way that consumers interact with their bank, and manage their finances. It’s great to see that the improved access to technology is helping people manage their accounts better and become savvier about their spending.”