Mobile banking surges.

Monday 04 February 2013

Article by Mozo

Article by Kevin Boyle

Man accessing bank accounts with technological devices.

The amount of Australians accessing their bank accounts with mobile devices is growing at a phenomenal rate but the banks are not giving up on their standard websites either.

ANZ recently announced it's mobile banking platform overtook internet banking for the first time and funds transfer via mobile banking are at more than $1 billion a month despite the $1000 a day limit. And according to a report by the Market Intelligence Strategy Centre (MISC), mobile banking reached over 6 million users in September last year, almost 1 year quicker than traditional internet banking took to reach the milestone.

High mobile penetration, smart phones and increased Wi-Fi affordability are said to be some of the factors for the platform's surge in growth. Data released by the Australian Communications and Media Authority shows that almost half of Australia''s adult population, almost 8.7 million, now own a smartphone.

Although mobile traffic is on the increase, the banks  and credit unions are by no means disregarding their websites. A recent performance test of the Big Four's websites using Remasy's tool EAGLE-i put the Commbank's website in fourth place for performance. However a spokesperson from the CBA rejected the claims.

"We actively measure the performance of our websites incorporating a range of key indicators, including customer experience and overall performance, to ensure we provide an online service that enables our customers to interact with us quickly and easily," they said.

The rapid growth in technology and fierce competition amongst the banks is sure to be of great benefit for Australians who love to access their bank accounts and financial products online.

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