Internet Banking Builds Momentum As Costs Soar
The Age
Tuesday April 15, 2003
Australians are doing more of their banking online as they become savvy about transaction costs, according to a bank-funded survey.
Research conducted by the Market Intelligence Strategy Centre shows six million Australians transfer funds online, and are completing transactions in fewer sessions than before.
The number of registered users continues to rise, although more slowly than a year ago. Users are transacting 24 per cent more, and the frequency of log-ins is slowing.
The trend indicates Australians are actively seeking cost savings by transacting by the cheapest available means, which is online, according to MISC.
The research group defines a transaction as a transfer of money out of the user's bank account to another online destination. ``As early as March 2001, all the majors and regionals were providing external transfer capability," MISC's report said.
``In many cases, the cost of an internet banking transfer was free (up to a limit of usually 20 transactions)."
© 2003 The Age
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