Internet Banking

KPMG have released their inaugural Internet Home Banking Survey.

In a nutshell they say that Australian Banks are taking a very conservative approach to internet banking, and are a long way behind their counterparts in the US, Europe and Canada.

The CBA, Westpac, St George and Adelaide bank are reportedly the only banks offering online transaction services at this stage, but both ANZ and NAB are due to release their versions soon. Undoubtedly others will follow, or face the prospect of losing market share.

It was interesting to note that John Buttle of KPMG was quoted in the Australian Financial Review as saying, “With the closure of rural branches, I haven’t seen anybody suggest that maybe an alternative to banking services in some of these remote places is Internet banking.”

Maybe we haven’t been saying it loud enough, but we believe that Internet banking is a great alternative for the rural community, see News N’ Views, 3 July, 1998 “Banks and the Bush”, and one which they should embrace.

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