Internet banking is no longer an "alternative" banking channel, but now has a firmly established place within a specific customer base, says Roland le Sueur, head of First National Bank (FNB) Internet Banking.
Le Sueur says Internet banking has grown substantially over the past year-and-a-half.
"FNB recorded an increase of 77% in the number of transactions and a 71% increase in the value of transactions from December 2002 to December 2003. Along with that, we have seen a 100% increase in the number of new customers signing up over the past 12 to 16 months."
He says the reasons for this increase can be attributed to the increase of general Internet usage, people realising the convenience and value that Internet banking adds, and the growing consumer confidence in e-banking.
Le Sueur says that with a wide range of services available through online banking, Internet banking is as comprehensive as branch banking.
"Customers can use Internet banking to check their balances and statements for both business and personal accounts, transfer money between accounts and pay bills, suppliers or salaries."
Internet banking also makes it possible for customers to access their accounts 24 hours a day, he adds.
Le Sueur says it is of paramount importance that customers feel comfortable with Internet banking. "Banks need to ensure customer confidence in the security measures offered by the banks. FNB is therefore running and will continue to run Online Security Week on an annual basis to educate all Internet bankers and reinforce secure banking practices."
Online Security Week runs from Monday 8 March to Sunday 13 March.
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