Nearly 80 per cent of consumers who use the internet to sort out their finances do all or most of their banking online, according to new research.

The number of people managing their accounts online has doubled with 78 per cent doing most of all of their banking online now compared with just 39 per cent two years ago, discovered Alliance & Leicester.

For many consumers with hectic lifestyles it's all about the convenience and reduced paperwork – seven in ten find online statements easier than paper ones.

A third of British adults with internet access wish they could deal with all their bills online.

Helen Palmer Manager from Alliance & Leicester said: "With our busy lifestyles, internet banking is more convenient for many people than traditional branch banking.

"Banking online allows customers to address payments and bills without having to deal with reams of paper."

Online statements could help reduce identity fraud as at the moment ten per cent fail to destroy paper bills thoroughly, four per cent just throw paperwork away and six per cent only tear up the information.