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Commonwealth Bank Group breaks barrier for online customers - notches up one million customers

8 February 2001

In an Australian first, the Commonwealth Bank Group has broken the barrier to online financial services, notching up one million online customers - a 330 per cent increase since January 2000.

Bernadette Fifield, General Manager eComm, said: "The growth in customers since we introduced online banking in February 1997 is fantastic. It confirms our belief we are responding to the changing lifestyles and needs of customers.

"Customers need the utmost in convenience - with the choice to bank anywhere, anytime and on any device. We are committed to giving customers the banking options to suit their needs and be able to do their banking 24 hours a day, seven days a week.

"Speed, ease and portability are crucial to the banking mix. And these latest results reflect the success of this customer-centric approach."

The Commonwealth Bank Group now services one million customers across all of its online finance offerings, including NetBank, ComSec, HomePath, MobileBank and QuickLine.

NetBank has experienced growth of more than 66 per cent during the six months from June 2000 to December 2000. The phenomenal growth in customers has been matched by a huge leap in the total value of NetBank transactions, increasing from more than $395 million in June 2000 to over $674 million in December 2000.

More than 671,000 new online customers have joined the Commonwealth Bank Group since January 2000.

Key Milestones:

  • First major bank to introduce online banking with NetBank in February 1997
  • Launch of ComSec discount broking in March 1997
  • Launch of ninemsn alliance in August 1999
  • Launch of HomePath in September 1999
  • Launch of MobileBank in November 1999
  • Launch of Vault in March 2000
  • Launch of online business loan applications in September 2000
  • Launch of online deposit accounts in December 2000
  • Launch of new Commonwealth Bank Group Website in December 2000
  • Launch of Adviser site in July 2000