Internet banking is on the rise, survey finds

Today's young adults are increasingly willing to use Internet banking services but many still prefer to do their banking the old-fashioned way, according to a survey by Tel Aviv University. The survey of 300 students from all faculties at the university found that while many use the Internet to do their banking, most still prefer to use a telephone or come face-to-face with a teller, reports According to the report, the survey questioned the students about their banking activities in an effort to understand current and future trends. In response to a question asking them how they did their banking, 38 percent of the students said they used the Internet, while 31% said they used the telephone and the remaining 31% said they went to the bank. Asked which factor was most important in choosing a bank, 27% said good service, 19% said low fees and interest, 19% said their own family's connection with the bank, 18% said the bank's proximity to their home, and 17% said the bank's operating hours. Asked what would cause them to change banks, some 90% of the students said low-interest loans and/or low fees at another bank. A student union economic spokesman said the survey showed the needs of the next generation of consumers when it came to banking services, and showed that students were increasingly using direct and high-technology banking services rather than going to a bank branch.