Mobile banking uptake is gathering speed, Westpac says

The rapid emergence of smartphones and tablets has led to a sharp increase in the number of people accessing their bank accounts on the move.

According to Westpac representatives, 3.4 million people have embraced online banking services, with half of this number using their handsets to complete financial transactions.

A number of recent studies have suggested that Aussies are very quick to utilise new technology and many now see the use of mobile banking applications as the norm.

Westpac retail and business banking group executive Jason Yetton believes mobile will overtake online banking by 2018.

"We estimate that the number of payments made across our digital platforms over the next five years will top one billion transactions, with total value in excess of six trillion dollars," he remarked.

Mr Yetton also indicated that social media is playing an increasingly important role in the financial sector, as sites such as Twitter and Facebook allow banks to interact with customers far more freely.

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