Internet banking will not be a fee-free haven for long. But banks are pushing harder than ever to get customers online, and soon the Web won't be an alternative - it'll be the only option. ZDNet's special report examines the plusses and pitfalls of Australia's leading banks and their efforts to lure you online.
Executive Summary
Internet Banking is not the end of standing in queues, but with ongoing development, things are getting better as more and more functionality is being incorporated to Web sites.
St George
A strong offering, but with room for improvement. While the site does much of what you would expect, it is limited by its lack of support for ad hoc payments. See how St George rates against other e-banking sites in the ZDNet e-banking special.
Westpac
Given tighter integration of its peripheral services, Westpac could give the top e-banking sites a run for their money. ZDNet e-banking special takes a look at Westpac's current state as well as innovative future offerings.
ANZ
If you are looking to take your banking online, ANZ is a good bet. A friendly interface, discounted PC offer and Web development assistance are some of the perks they have to offer. Check out their ranking on the ZDNet e-banking scale.
National Australia
NAB offers a good service, but the lack of Mac compatibility, and the unnecessary requirement for a downloaded application, may hinder success. Check how they rate on the ZDNet e-banking scale.
Commonwealth Bank
CBA's simple interface makes it a solid choice for novices, but its lack of advanced functionality inhibits the expert user. Look to the future for some major improvements.
Bendigo Bank
While the site is solid, the increase in shortcuts and saving functionality could greatly increase their market.
Citibank
Simplicity of getting online isn't supported by Citibank's online package. Can future technologies improve its offering, or should you be looking elsewhere?
Suncorp Metway
A great look-and-feel and easy navigation make Suncorp Metway's site an excellent choice for the online banking beginner. Can it's plans for the future bring it into the major leagues?
Summary table
ZDNet compares eight Australian e-banking sites in terms of current features, usability, and future developments. Take a look at which site tops the polls in this comprehensive summary.
A big problem delaying greater use of all forms of electronic banking is a valid distrust of banks. A number of times I have needed to change banks because the bank has discontinued a service, made a service uneconomic or broken their promise to me. Banks breaking their promises of a frequent problem. The managers who make offers and promises to you have no discretion to keep the promise when Head Office changes the rules.
When you have to change banks it creates big problems if you have organised direct payments into your account for dividend and investment receipts. Before you can change banks you have a huge list of people you have to advise your new account well in advance and then some are still going to go to the old account. In the end it is so much easier and safer to simply get paid by cheque and refuse the requests for direct payment.
What is needed is a reverse BPay where a payee can give payors a code. That code goes to a web table that I can update. Each time that someone has to make a payment to me they download the current bank details from that secure site. When I wish to change my bank I only have to change that one web table for all my payments to go to the new account.