Consumers still wary of online
Australians remain divided over using financial services online, with approximately 16 per cent very positive towards the Internet while 27 per cent report they would never consider going online for financial services, according to a study by market analyst Datamonitor.
A survey of 2,000 Australian consumers found mixed sentiment when it came to online financial products, with security concerns still the biggest worry for most.
Datamonitor financial services analyst Petter Ingemarsson said despite these concerns, online financial services are expected to grow as a younger more tech-savvy generation of consumers become the banks’ core consumer group.
“Improving broadband access, consumer acclimatisation with new technology and demographic factors will all contribute to an increase in the use of online financial services in Australia going forward,” he said.
While the survey found that 27 per cent of Australian consumers would never consider arranging any financial products online, 16 per cent of respondents, which equates to nearly 2.5 million people, would like to arrange every financial product online.
According to Ingemarsson, the attitude towards the Internet corresponds closely with age, with a sharp drop off in acceptance at 45.
“However, once consumers try Internet banking, they are generally very happy with it.
“In the survey, Internet banking was the most highly regarded aspect of banking, with 52 per cent of respondents ‘very satisfied’ with the Internet banking service of their transaction account,” he said.
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