The biggest benefit of this service is that consumers will no longer have to make trips to the bank. In the past, people had to go to the bank to make bill payments, transfer funds between accounts, deposit money and set up automatic payments. Going to the bank physically costs them money. This is because they have to pay rent and electricity for their premises. They also have to pay bank tellers to assist customers. Due to this, most banks charge a fee for transactions that are made in person. People who use ANZ online banking are charged lower fees on their transactions.
Making a trip to the bank is difficult for most people. Banks are only open during standard business hours. As a result, the average person can only visit the bank on their lunch break. However, this means that banks are crowded in between the hours of 12 to 2. Those who do manage to get to the bank will spend most of their lunch hour in line.
Using ANZ online banking eliminates these problems. Bank customers can do their banking before or after work. They will no longer need to go in and see anybody in person. In fact, even loans are processed online. There are very few reasons that a person would need to make a trip to bank if they use online banking.
One of the reasons people are reluctant to use this service is that they are afraid of identity theft. Consumers will be pleased to know that bank have high levels of security on their website. Because of this incidents of identity theft and fraud are very rare in the banking industry.