Financial services lagging in online transactions

by Adam Smith23 Jun 2014

In spite of industry rhetoric about the importance of online, new research shows the financial services sector lags other industries in online transactions.


Data from the Australian Bureau of Statistics’ Summary of IT Use and Innovation in Australian Business Report, businesses in the financial services sector are behind in online use.


The report indicated the proportion of financial services businesses receiving orders via the internet was just 19% in 2012-13. This compares to an Australian average of 30%.


Leading the pack in online utilisation was the information media and telecommunications industry, which saw 52% of its orders via the internet. It was followed by wholesale trade at 50% and manufacturing at 48%.


Social media has seen a surge in importance for Australian businesses, however. Twenty-six per cent of businesses had a social media presence as of 30 June 2013, up from 18% the year prior.