Internet banking in the UK has surged by nearly 40 per cent in just four years, according to new figures from the British Bankers’ Association (BBA).

Customers of Britain’s high street banks used internet banking nearly 7 billion times in 2013, up from 5 billion in 2009, and equivalent to almost 800,000 log-ins an hour.

The statistics provided further evidence of the “seismic change” in the way millions of customers managed their finances, said the BBA.

Last year, 316 million bill payments were made online, together with 293 million inter-account transfers. There were 152.6 million direct debit or standing order creations or amendments, and 1.1 billion account queries. Some 10.5 million ‘stop payment’ instructions were also made – an eight-fold increase on the previous year.

Richard Woolhouse, the BBA’s chief economist, said: “These figures provide more evidence of the ongoing revolution in the way millions of us spend, move and manage our money.

“There are clear productivity gains for our economy from internet banking. Many of us are spending less time queuing in branches and can avoid unnecessary fees by keeping a sharper eye on our balances. This is helping customers and providing wider economic benefits.”

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