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Aussies prefer Web banking

09 June 2006  |  6240 views  |  0 Sydney Opera House

Australian banking customers now prefer to manage their accounts via the Internet, according to a survey by Commonwealth Bank of Australia (CBA), although older customers remain wedded to branches.

The CBA's annual E-Money survey - an annual index of electronic banking usage in Australia - found that around 6.5 million adults in Australia, prefer Web banking, but 36% still prefer branch banking, while 16% prefer phone banking.

However the survey found that of the 6.8 million Australians that have used online banking, 85% prefer the Internet to manage their day-to-day banking needs.

Convenience is the main benefit of online banking for half of all online users, followed by time savings (29%) and ease of use over traditional banking methods (10%).

Michael Cameron, CBA group executive, retail banking services, says: "The convenience of online banking is helping people gain greater control of their finances and contributing to changing patterns in cash withdrawal and day to day money management."

But Cameron says attitudes toward Internet security varied between users and non-users of Web banking services.

"Almost all internet banking customers believe the online system is secure," says Cameron. "However, among those yet to try internet banking, only 32% are convinced about Internet security."

CBA says the survey also highlights the differences in the way generations manage their money, with customers aged 25-34 year olds most likely to use Internet banking, while those over 50 years of age preferring branches.

Says Cameron: "Traditionally, our parents would have banked in branch and allocated themselves a budget which they would withdraw monthly or fortnightly. However, today's younger generation prefer the convenience of online banking and withdraw cash as needed."

According to the survey, the most popular online transaction is funds transfer/bill payment and over half of all bill payments (57%) are made using Web banking.

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