Westpac named as the top online bank

WESTPAC has been named the Online Bank of the Year at the Personal Investor Bank of the Year Awards.

The bank has experienced huge growth in registrations since it launched its online banking service in May 1998 and expects to reach the 100,000 mark soon.

Westpac head of Internet services Jonathan Poole said the bank’s research showed online banking logins had more than doubled since April.

“Thursdays are the most popular day for online banking, with about 21,000 logins recorded recently on a single day,” Mr Poole said.

He said the frequently used services included opening accounts online, funds transfer, sourcing quotes for home and contents insurance and checking international information such as trade assistance and credit research.

He said many customers were using the Internet to pay their bills. In June nearly 15 per cent of Westpac’s overall BPAY transactions were conducted over the Internet.

Online loan applications too are proving popular and have grown to the equivalent of ten branches since being launched in 1997.

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