Online banking moves to a new phase
There are now at least 8 million online banking registrations in Australia but growth is slowing. Security scares may be putting the brakes on take-up or the market may have reached saturation point. Figures from Market Intelligence Strategy Centre consistently show that whenever there's a peak on e-mail bank scam there's a drop-off in registration, although the effect is only temporary. But for the last two quarters, new registrations have been minimal.
The banks claim that users are more active, backed by MISC data showing a 6 per cent increase in active-user growth in the March quarter and a 15 per cent rise in multiple account use. NAB and ANZ highlighted transaction growth and deny that security scares have any effect. ANZ said users are becoming more confident, visiting the site more often and carrying out more transactions per visit.