July 12, 2006

Australia's Commonwealth Bank has released its new study "eMoney Survey", a report of Internet banking usage in Australia. The survey found that of the 6.8 million Australians that have used Internet banking, 85 percent of them prefer managing their day-to-day banking needs online.

Convenience was why half of Australian online users said they preferred to bank online, followed by time savings and the fact that online banking was considered easier than traditional banking methods.

"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," explained Michael Cameron of Commonwealth Bank.

Security fears, while lessening, remain a constraint. "Almost all internet banking customers believe the online system is secure," said Mr. Cameron. "However, among those yet to try internet banking, only 32% are convinced about internet security."

The survey found that the most popular online banking activities are the transfer of funds between accounts and bill payment. Australians prefer going online to accomplish these tasks versus either phoning in or visiting a branch in-person.

Source: eMarketer