More and more Singaporeans switching to internet banking

More Singaporeans are switching to online banking, according to a study by the Nielsen Company.

Results of the survey showed that over 11 percent of Singaporeans bank online daily. Another 36 percent do so at least once a week. The survey also found that 64 percent of Singaporeans use the Automated Teller Machines (ATMs) at least once a week, while 7 percent use them every day.

The increase in Internet and ATM banking means that less people are visiting bank branches for banking services.

Only 30 percent of the online respondents visit the bank branches at least once a month.

Close to six in ten would visit occasionally, at a frequency of less than once a month.

Telephone banking appeared to be the least popular, with almost 74 percent of the online respondents saying they have never used the service before.