Less than one in five Australian finance firms are trading online, finds ABS

Australian bank notes in wallet

A report released today by the Australian Bureau of Statistics (ABS) has found that just 19% of all businesses in the finance industry are set up to take orders online, compared to 30% of all  businesses in the country.

The figures places the Australian finance sector third from last, after Agriculture, Forestry and Fishing (14%) and Transport, Postal and Warehousing (17%). However, whereas just 17% of businesses in these sectors have any web presence, and neither relies predominantly on internet purchases, the same cannot be said for the Finance and Insurance sector. Businesses in these fields place the majority (57%) of their orders online, 59% have their presence on the web and almost a third have even embraced social media.

The research reflects growing concerns that the country’s financial services are not evolving fast enough to reflect customer demands and embrace online payment methods.

The most successful financial services firms in the future will be those that innovate and invest in IT to meet the quickly evolving needs of their customers,” Karen De Angelis, Executive Director DST Bluedoor, told Australia’s Money Management. “Given the new SuperStream initiatives, which are being introduced from July this year and aimed at improving the efficiency of back-office operations, we expect to see an increase in online business-to-business processing.”

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