Australians are avoiding bank queues more than ever, with a new study showing over 70 percent of online consumers have paid bills or done their banking on the internet.
The study, which was conducted by Forrester, found that Australians are comfortable reviewing their finances online, with 72 percent of internet users checking their deposit accounts online.
By comparison, only 17 percent are browsing their Super or pension funds and only 25 percent are looking at all their investments online. In the latter group, people cited satisfaction with paper statements and concerns about internet security for not managing their investments online.
Main author of the study, Alyson Clarke said in the report “Australians have a strong desire to self-serve and manage their finances over the Internet, but lack of trust and satisfaction with more expensive channels often stops them.”
“Firms can learn from their international counterparts on how to build trust online. For example, E*TRADE in North America overcomes security fears with an online protection guarantee covering privacy, assets, and every transaction made.”
She recommends that financial service firms take advantage of consumer demand for e-services before their Internet-savvy competitors get to consumers first.
