One of the UK’s largest banks ,the Abbey, has conducted research which shows that an increasing number of UK consumers are attempting to simplify their financial activities by restricting their transactions to a single financial institution. The survey also reveals that almost 20% of all adults choose to use financial products such as current accounts and personal loans from one financial provider.

The research highlighted the fact that around 6 million consumers choose to use one password or PIN for their financial activities. But ,on average, a UK citizen will use around three separate providers for their all their financial needs.

An Abbey spokesperson stated that a large amount of people are choosing to use one provider to ensure that their financial dealings are less complicated. The representative warned that those who only have one password for their accounts should ensure that they use a secure sequence of numbers and/or letters.

The British Bankers Association has released data that shows that during 2007 over 39,000 people used the internet to gain access to their savings and/or current accounts, every ten minutes.