Australia’s banking sector is very liquid, highly competitive and well developed. Online transactions are on the rise and banks are keying into this sphere of business.
Here’s a look at the top 5 banks in Australia by their online banking performance.
Commbank
CBA is the largest bank in the country not just by market capitalization of $129.89 billion but a leader in online banking too. Despite having the largest number of clients in the country, the CBA bank also claim online leadership with a delightful banking experience. They have an amazing subscription of over 7.3 million users for their online banking platform.
Some of the services that make them top are:
- Netcode security
Netcodes help to ensure that it’s the client accessing their account. A client receives one time security code via the CBA Bank’s app notification or SMS to their phone number to complete the transaction. - Free antivirus software
As transactions are to be made online, the CBA Bank partnered with McAfee antivirus for a 6 month trial of their internet security to ensure client’s gadgets’ are well guarded. - Extra transfer verification
There are situations where the bank will place a hold on certain funds transferred from customer’s account to an beneficiary in other country, an unlinked bank account in order to conduct further verification. This is to verify if need be that the user is fully aware of the transaction and it is not being made by an unauthorized party.
National Australia Bank (NAB)
Following closely is the NAB bank. They are one of the top most banks in the country not only in terms of market capitalization standing at A$ 69.46 billion but also customer base. The NAB bank has an online user base of over 5.3 million customers.
Some of the features of the bank’s online platform are:
- Fresh new design and easy navigation
The bank never stops in ensuring that they create their mobile and internet apps in a way to blow the customer’s mind away. Apart from its sleek design, they are easy to use and much more functional than ever before. - Safety
NAB has its special team of experts who work tirelessly to ensure that clients are protected against fraud of any nature from this end.
There are also SMS security features to ensure that transactions are not being made without client’s consent.
ANZ Bank
With a market capitalization of A$ 69.13 billion, the ANZ bank is among the four pillars of the country’s banking sector. They rank third with an online subscriber base of 4.9 million users.
Part of the key features are:
- ANZ guarantee
The bank assures its customers that they are safe in the event of any illegal transactions and it is clear that the customer did not have a hand in any way to this loss and also gets the Bank notified in good time. - ANZ Shield
This service is an extra layer which gives unique rest of mind to the bank’s online apps subscribers. It instantly resets forgotten ANZ internet banking password and allows for extra verification on transactions. It also worth to note that this service does not require network access.
Westpac
The Westpac bank has the largest branch network in the country with 1,429 branches and a network of 3,850 ATMs and a market capitalization worth $100.80 billion. The bank’s online banking apps have over 4.1 million users.
Some sought after services they offer include:
- Instant account management
Customers can instantly report lost or stolen cards and it doesn’t end there, they can also place a request for a new one immediately. In addition, a cient can set and change card PIN online anytime. - eStatements: a client have access to view them online also.
- Account Sharing
There is the room to grant access to one’s account in a separate profile and not mixed up with the shared users account. This reduces the risk of unintended transfers between accounts.
Bank SA
Bank of South Australia, also known as BankSA, is the largest in South Australia and the state’s largest home lender. They rank fifth with over 3 million online platform users.
Their features include but not limited to:
- Efficient account management
- Schedule payments on a regular or one-off basis
- Report a lost or stolen card via internet banking
- and also lock misplaced cards.