11 June 2002 - The British consumer wastes eight hours a year by banking on the high street - equivalent to a staggering 324 million hours a year for the entire banking population. The time saved by switching services to an online bank could earn consumers an extra 'bank holiday' - a day freed from mundane tasks, to do whatever they like - according to online banking service, Zurich Bank.
Zurich Bank commissioned a survey of 1000 people to investigate the British public's banking habits. Considering the time taken travelling to and from a bank branch and, once there, the time spent queuing and waiting to be served, the research suggests that, by banking online, consumers could save themselves enough time to have an extra night's sleep, a return trip to Paris by Eurostar or a flight to New York every year.
On average, it takes consumers 13½ minutes to travel to and from their high street bank and, once there, they have to wait on average over five and a half minutes to be served (for non-ATM activities). For those who have seen local bank branches close down in recent years, the time lost banking on the high street will be even greater - the research shows that more than one person in ten spends over an hour travelling to and from their bank branch.
According to the Economic & Social Research Council, UK employees work the longest hours in Europe, reducing the time available to get to the bank to pay bills or transfer money - a problem exacerbated by the shorter hours that high street banks are open. The emergence of online banking has empowered consumers to manage their personal finances in their own home, whenever they want, not just when and where it is convenient for their bank.
Chris Gillies, Managing Director of Zurich Bank, comments:
"This year's Golden Jubilee will provide the public with an extra bank holiday -precious time to spend with family and friends. Next year we will all miss this additional day off work, yet the equivalent of an extra day off can be gained each year simply by switching to an online bank.
"We increasingly complain about being 'time poor', yet the vast majority of us still persist with old fashioned banking habits that increasingly don't match our lifestyles. Online banking is about convenience - banking when it is convenient to you, not your bank, but it is also about getting a fairer deal. At Zurich Bank we provide an interest rate 35 times higher than traditional high street banks, ensuring that our customers save time, but also have more money to enjoy their increased freedom."
-ends-
For more information on Zurich Bank please contact:
| Debi Isaac, Zurich Financial services |
01793 503810 |
| Ian Kitts, GCI |
020 7072 4124 |
NOTES TO EDITORS
Wine offer
Customers that open an account and maintain an average balance of £500 for three months* will be sent a case of quality wine from Laithwaites. Twelve bottles- six red, six white - a selection of wines from the old and new world. And it's all delivered straight to the customer's door complete with tasting notes.
About the research
Ipsos RSL Capibus: Zurich Bank commissioned a survey of 1027 adults, representative of the GB population. Interviews were conducted in homes between 19th and 28th April 2002. The questions asked were:
- Q1 How often do you visit a branch of your bank for activities other than using an ATM (Automated teller Machine / Cash Machine)?
- Q2 How long does it take you to travel to and from the branch of your bank that you use most often?
- Q3 On average, how long do you spend queuing at this branch before being served?
About Zurich Bank
Zurich Bank is the UK online banking service from Zurich Financial Services, in conjunction with Bank of Scotland, part of the HBOS Group.
The online service includes 24hr telephone banking support and also provides access to face to face financial advice, via the Zurich Advice Network. Zurich Bank, along with Dunbar Bank, Zurich's private banking arm, forms Zurich's Banking Division and provides a comprehensive banking proposition.
The bank is based in Cheltenham and employs over 250 people. It is licensed by the FSA and is a member of the Ombudsman scheme.
About Zurich Financial Services
The Zurich Financial Services Group (www.zurich.com) is a global leader in integrated financial services, providing its customers with solutions in the areas of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on the key markets of North America, UK, Switzerland and Europe, as well as selected other markets where it has or can reach a competitive position.
