Consumers 'favour traditional methods to manage finances'

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Consumers in the UK continue to favour traditional services to manage their personal finances, according to a new survey.

The research by Royal Mail found that almost nine out of ten people still prefer to receive a physical copy of a bank statement through the post rather than use online banking services to check their accounts.

It was also found that around 70 per cent of customers trust information sent to them via post more than communications received through email owing to issues including confidentiality.

Royal Mail's head of financial marketing, Abi Wood, said: "Banks should continue to investigate the different and complementary roles that the different channels play for the modern consumer.

"Posted statements remain important to people for their accessibility and security. They can be filed and retained for future reference, and are of course not reliant on access to an internet connection."

The Royal Mail's latest research has come after other recent research found that many UK banking customers are unaware of the current rate of their savings account and could be losing out on interest by not thinking about switching to another provider.

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