View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
August 2, 1998

AUSTRALIAN BANKS SLOW TO TRUST INTERNET

By CBR Staff Writer

A survey from KPMG has revealed that Australian banks continue to be reluctant to invest in online banking developments. Some banks have only spent a few thousand dollars on developing their services for deployment on the internet. According to the KPMG Internet HomeBanking Survey, many banks are waiting for an upsurge in demand before they devote significant resources to the area. The banks displayed a marked lack of consensus in their views on what the internet as a distribution channel will mean to their retail business, John Buttle, KPMG’s Banking & Finance Industry chairman told the Australian Financial Review. The survey looked at 12 banks, and found 80% believed the internet will deliver benefits, but not for 3-5 years. Only four banks offered online transactions. The larger banks feared competition from internet content providers; the small banks feared competition from the large banks; but there was scant concern for competition from retailers and utilities. Whether or not to charge for internet transactions received a mixed response, and not all banks commented on this.

Content from our partners
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape
Green for go: Transforming trade in the UK

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU