Sure, there are corporate software packages from many of the banks that allow you full and sophisticated services, however the Internet banking offering is often positioned as a simplified version of these packages. But with Small and Medium Enterprises (SME) becoming more and more sophisticated, and the continuing branch closures, the Internet Banking services still need to lift their game.
This review of a selection of the Internet banking services revealed many similarities in feature and functions, but also significant differences in their usability and simplicity. All of them are being regularly updated and enhanced, and are closely approaching their older brothers, found in the major banks.
Fees for using Internet banking are cheaper than over the counter charges, so there's every incentive to get online. As for security, banks use a minimum of 128 bit encryption.
Because most of the sites shared the same functionality, our primary consideration was the extent to which the services made life easier for the SME, who is typically short on time and not technologically strong. Our strong focus on usability meant that being feature rich didn't mean being the best.
Features and functions looked for included:
- Uploading payroll files
- Download to the accounting packages
- Large direct transfers, including batches to pay suppliers, salaries, and other debtors
- Scheduled payments for salaries and other recurring costs
- Online statement facilities for at least three months
- Support for multiple signature accounts
ZDNet's e-banking special report compares the online offerings of Australia' s leading banks.
