Study: Customers embrace online banking

In a study released this week, the firm also says online banking trials with Internet users almost quadrupled over the last two years -- from 9 per cent in 1998 to 35 per cent in 2000. This acceptance of undertaking online banking will grow substantially, claiming 46 per cent of Internet users will have banked online by March 2002.

An indication of this popularity is the growth achieved by the Commonwealth Bank. The Commonwealth by February this year had reached one million online customers. These customers cover all of the bank's online finance offerings including NetBank, ComSec, HomePath, MobileBank and QuickLine.

Bernadette Fifield, the Commonwealth's general manager ecomm, said NetBank has experienced growth of more than 66 per cent during the six months from June 2000 to December 2000. She said the growth in customers has been matched by a huge leap in the total value of NetBank transactions, increasing from more than $395 million in June 2000 to over $674 million in December 2000.

Red Sheriff said reasons for this growth are many. This includes higher offline fees and the closure of many local branches, as well as online banking offering greater convenience coupled with the perception of greater control over the transaction process.

The study also found online bill payments grew in parallel to the enormous growth of online banking. Use of these services by Net users, especially to pay gas, water and electricity bills, almost tripled in the last 12 months and is expected to reach 49 per cent of by the end of the year.

Join the newsletter!

Or
Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Howard Dahdah

PC World
Show Comments

Essentials

Mobile

Victorinox Werks Professional Executive 17 Laptop Case

Learn more >

Exec

Budget

Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?