UK Money News
6th August 2008
Consumers choosing to streamline their banking
Britons are increasing opting to use a single provider for their financial products in a bid to make their finances as simple as possible, it has been revealed.
According to Abbey Banking, the inconvenience of having to log onto different websites and speak to a range of call centres has already led 20 per cent of consumers to choose to transfer all their banking to a single provider.
Meanwhile, a further 18 per cent of people quizzed by the lender said they would consider moving all their banking to one company.
Steve Shore, director of banking at Abbey, said the trend was understandable given the fact that people are now expected to remember a series of PINS and passwords simply to manage their money.
He said: "As banking technology evolves and people have to remember more passwords and PINs, many of us now prefer to keep things simple and use one provider that they can trust to provide good value across the board.
"It's worth noting though, that those with one password for all their accounts should take care to ensure that this is as secure as possible, using a combination of letters and numbers wherever feasible."
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