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Online business banking a firm favourite

Online business banking a firm favourite

(28 January 2009 – Australia) East & Partners’ latest Business Banking Customer Satisfaction Monitor (BBCSM) shows that the online business banking channel is now, by far, the most widely used channel by business customers. The online channel is being used by 81.9 percent of business customers according to East & Partners’ December 2008 report.

What is equally significant is the rapid rise in online channel usage over the past twelve months. In December 2007, just over a third of business customers were using online banking, significantly lower than the latest usage figure.

East’s BBCSM is based on interviews with 850 business customers every month (10,200 annually). The businesses interviewed have an annual turnover between A$5 and 500 million.

"What is really interesting to note about online banking usage is just how much it varies between the banks. Just over a half of business customers report using the online channel for one particular bank while, at the other end of the spectrum, almost 100 percent of business customers are using their bank’s online platform," said Robert Morgan, East & Partners Head of Market Analysis.

"It certainly appears that business customers are becoming extremely comfortable with using online technologies," he added.

"As online business banking usage rises, it is also fascinating to see the demise in usage of other channels such as the Branch and Call Centres."

"The challenge for the banks is to capitalise on the high usage of online business banking and effectively use it as a product distribution and sales channel and not merely a transaction channel," Mr Morgan said.
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