(ang) Today, nine in 10 banking transactions are conducted electronically.
According to David Bell, chief executive officer of the Australian Bankers'
Association, Australians prefer to conduct their banking via the Internet
instead of visiting a branch. Infochoice, a consumer information service,
says that since automated teller machines (ATMs) were introduced in
Australia in the 1980s, electronic banking has scaled new heights to include
ATMs, EFTPOS, telephone banking and the Internet. A new breed of virtual
banks started competing with the traditional banks in 1999 by giving higher
interest rates for accounts accessible only on the Internet.
(BAI)

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