Adoption of Internet banking by Australian consumers: an empirical investigation

TLDR

The study quantifies factors influencing Australian consumers' adoption of Internet banking and proposes strategies to overcome identified barriers, advocating integration of online services into broader customer service and distribution plans. The survey sampled Australian residents and business firms. The study finds that security concerns and low awareness are key obstacles to Internet banking adoption, and that addressing these barriers could accelerate customer migration and yield significant cost savings for banks.

Abstract

Quantifies the factors affecting the adoption of Internet banking by Australian consumers. The sample for this survey was drawn from individual residents and business firms in Australia. Shows that security concerns and lack of awareness about Internet banking and its benefits stand out as being the obstacles to the adoption of Internet banking in Australia. Suggests some of the ways to address these impediments. Further suggests that delivery of financial services over the Internet should be a part of overall customer service and distribution strategy. These measures could help in rapid migration of customers to Internet banking, resulting in considerable savings in operating costs for banks.