In banking the customer service mantra is: "Convenience, convenience, convenience."
A new report from Australia’s Commonwealth Bank, its inaugural "E-Money Survey," an index of electronic banking usage in Australia, found that of the 6.8 million Australians that have used online banking, and 85% of them prefer using the Internet to manage their day-to-day banking needs.
The main reason: convenience.
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.
