Three Quarters Do Their Banking With These Guys

Three quarters of Australians using Internet banking to manage their savings accounts, credit cards, current accounts and mortgages as 2010 Datamonitor Australian Financial Services Survey.

The ongoing introduction of direct channels of Australians drive greater investment by financial institutions.

In fact research from Accenture recently 63 percent of the bank's directors believe that there is increased adoption of direct and self-service channels for the next one to three years, including online banking. This indicates a need improved functionality, communication and other strategies to operate and maintain the growth in online uptake.

Locally, there are many financial institutions are already intensifying their efforts to improve their online channel.

In recent months we have seen institutions including NAB, Citibank and Bank West upgrading their online banking platforms. Credit Associations and societies building is also to strengthen their online offering.

Looking at the examples that are not from the "big end of town", Qantas Staff Credit Union and the Victoria Teachers Credit Union has recently launched real-time verification of new applicants' identities and addresses by integrating your application, with online identity and address of suppliers, to eliminate the need to complete an ID check in-branch or have documents verified by a judge. The competetive rates on credit union financial products, such as credit union loans, make them increasingly popular options. These services include credit union credit cards, credit union personal loans, savings accounts and green loans. This is similar to that currently offered by Commonwealth Bank, which allows customers to apply online to open a current account, savings account or credit card through of electronic customer control.

IMB has introduced faster application process for mortgages and Maritime, Mining and Power Credit Union allows potential customers to save their incomplete application to be completed later at a better time. For the form of abandoned without saving the details, the credit union to follow up with potential customers and address any problems.

New development planned for Commonwealth Bank and Bank of the West will include the possibility of increasing credit card limit online credit card and completed forms for faster applications.

Earlier this year introduced major Building Society chat live so that visitors open a secure chat window to ask questions to an employee in real time, giving customers an alternative option to contact the building society and get a faster response than those delivered via email.

This technique is often used in other industries such as online retail and travel agents, but less frequently used in banking. Bigger sees Twitter and IM to provide additional online platforms for customer service and customer commitment. The building society is renewing its application for Internet banking.

It joins NAB in communicating with customers on Twitter and YouTube as well as online chat. The goal is to reach customers in the time and place they find most convenient, rather than forcing customers to use a single window approach.

As technology develops, online banking is no longer limited to desktop or laptop banking.

Smartphones in the context of rapid access to the Internet can drive the adoption of Internet banking, although many customers are still skeptical about using mobile banking services. A number of financial institutions such as Community First Credit Union and Westpac has launched iPhone apps bank, allowing their customers to replicate most of what they do on the computer such as checking account balances, transfer services, locate ATMs, making BPay payments and more.

Riding future waves

But what will the future Internet landscape?

Commonwealth Bank's 2013 vision is the future of banking built around augmented reality, geolocation and mobile payments by entities iPads and Microsoft Surface. It is an extreme online or virtual banking experience.

Internet via mobile devices _ to be the mini-laptops, mobile phones or iPads _ continue to evolve as innovation development.

Further improvements in mobile banking facilities will likely continue through better security features, improvedfunctionality and user friendliness. Although types of devices that we use to conduct mobile banking services will continue to grow, you will never know what next "in" will follow the iPhone and iPads. After all, the iPhone does not even exist three years ago.

Some observers also expect the merger of payments and banking services in mobile. There are many pilots already underway.

Henry Ford said, if given a choice, people would ask for a faster horse. Instead, he invented cars to meet the need for faster transportation. It is the needs of your customers that will shape the future of online banking. Innovation is usually done to address these needs.