Online banking slow to start

While over half of us have access to the Internet, only fraction of us use the Internet for banking, according to KPMG’s latest annual survey of New Zealand financial institutions.
The survey points out that other forms of electronic banking such as, EFTPOS, and telephone banking also took long time to catch on.
The vast majority of cash-less banking transactions are now electronic: 33 percent by EFTPOS, 20 percent by automatic payment, 13 percent by ATM and four percent by direct debit.
And despite slow start, most banks report that between 20-50 percent of retail customers use telephone banking.
Cheques now account for just 20 percent of all cash-less banking transactions.

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