Online banking continues to grow

Analysis by the Market Intelligence Strategy Centre (MISC) has shown growth of 7.3% for online banking for the December 2004 quarter.

Research suggests that many new users of online banking have been attracted by new online high interest savings accounts.  MISC reports that there are not more than 7 million registered users of internet banking in Australia.  Data was collected from a pool of banks, including the Commonwealth, that account for about 89% of all internet bank transactions.

MISC also reported that another factor drawing customers to internet banking was growing confidence, increased security measures and ongoing consumer education.