Absa`s latest Internet banking research shows its online banking transactions for the last 12 months totalled R360 billion.
"Looking at the growth figures of the last five years, we can expect that in the next five years the figure will realistically be about R1 trillion," says Christo Vrey, Absa`s GM for digital channels.
The findings reveal an average growth rate of about 25% over the past few years, both in terms of online banking registrations and actual usage patterns, adds Vrey.
"We have seen an absolutely unabated growth of online banking customers."
More women
Women are the primary drivers of the e-banking industry, Vrey notes. "Our statistics tell us women are more likely than men to recognise the convenience of online banking."
He says Absa will soon embark on further studies to investigate the reasons for the growing popularity of online banking among women.
"One could assume that women are more and more taking over the financial responsibilities of the household, and are banking from home."
He adds that various studies have showed women to be more active than men in the e-commerce space.
Concerns of fraud and the perceived lack of security of online banking remain the biggest challenges in reaching the R1 trillion expectation, Vrey notes.
"The second stumbling block would be the cost of communication - specifically PC and Internet costs," he adds.
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