The Royal Bank of Scotland is to launch an Internet banking service in the spring. It claims its intended service, which comes in the wake of a similar announcement from Barclays, will be the first full Internet banking offering in the UK.
'This service will exploit the vast potential of the Internet and in time will play an important role in the lives of our customers,' said Tony Schofield, RBS managing director, RBS Retail Banking. The bank said the decision to launch was backed up by research which shows that in three years, 80 per cent of European banks will be offering Internet-based services.
The service, called Direct Banking by PC, will cost #1.50 per month and is being offered to the bank's 500,000 telephone banking customers. It will allow a range of features, such as printing out statements, displaying balances and statements, viewing standing orders and direct debits, and paying bills to more than 750 companies. Customers will be able to transfer money between RBS accounts and transfer financial data to accounting packages such as Microsoft's Money 97 and spreadsheets.
The move is spurred by research from Booz Allen, which found the average cost per banking transaction over the Net was 8p. This compares with 60p through the branch network and 35p via telephone banking. The bank has given its address as www.rbos.co.uk but at the time of going to press the site was still under construction.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago