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Online Banking Background

Online Banking

Joshua Sale
Joshua Sale
GM, Research
Nina Rinella
Nina Rinella
Editor-in-Chief
Updated 14 Jul, 2025
Fact checked

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2025 Award Winners

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Digital Banking – Bank of the Year Award

Commonwealth Bank stacked logo 103x57

Digital Banking – Customer-Owned Bank Award

Beyond Bank: Outstanding Value Award Winner | Canstar

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View online banking report

 

Helpful Information on Online Banking Accounts

What is online banking?

Online banking means managing your banking using your financial institution’s internet banking website or mobile banking app. This can include checking your account balance, transferring money, making payments and paying bills.

Online banking can be used to manage banking products like transaction accounts, savings accounts, credit cards and home loans.

Many financial institutions have online banking channels as well as physical branches. But there are also some digital banks (commonly called neobanks) that have no physical branches, so customers manage all their banking online.

How do Canstar’s Digital Banking Awards work?

Canstar ‘s Digital Banking Awards recognise the Australian Banking institutions offering their customers the most complete digital experience, both on desktop and mobile. The awards are given to the bank and customer-owned bank found to offer the highest-quality online and mobile services to further enhance customer experiences.

Institutions are awarded points for the array of features available on the platform. Some of the factors Canstar looks at include:

  • payment and transaction functionality, including the ability to send money and any restrictions (such as transfer limits or settlement times), bill payment options and contactless payment options (such as Apple Pay and Google Pay)
  • research and application for banking products, including education tools and the availability of online applications
  • security processes, including secondary authentication, automatic log-off, automatic lockout, strange transaction protocol and customer liability for not-at-fault transactions
  • other banking features, including available account information and budgeting tools, and
  • customer support, including call centres and online chat functions.

Online banking glossary of terms view icon

Online banking glossary of terms

Please note that these are a general explanation of the meaning of terms used in relation to online banking platforms. Your bank or financial institution may use different terms, and you should read your Product Disclosure Statement (PDS), Key Facts Sheet and other applicable terms and conditions carefully to understand everything that may apply to your account. You cannot rely on these terms in relation to any product you may purchase.

Apple Pay: An online payment service that allows you to make contactless payments with an iPhone, Apple Watch or other compatible device. Apple Pay works with many major credit, debit and prepaid cards from banks and financial institutions.

BPAY: An electronic bill payment system where bills are paid through your online banking to registered billers. You have the option of paying from your transaction account, savings account or debit card, many businesses also accept payments from credit card accounts.

Contactless payments: Allows you to tap and pay using your debit card, credit card or compatible device. It is done using near-field communication (NFC). You can generally make tap-and-pay payments with Visa payWave and Mastercard PayPass up to $100 without entering your PIN.

Digital wallet: An app or service that lets you store your banking information, identity documents and other important information on your mobile device. Examples of digital wallets include Apple Wallet, Google Pay and Samsung Pay.

Direct debit: An automatic payment where money is withdrawn from your account at a set time, typically on an ongoing basis such as once a fortnight or once a month. It can be useful to set up direct debits for regular bills, such as your rent or mortgage repayments, internet bills and phone bills.

Google Pay: A digital wallet and online payment service that allows you to make contactless payments using an Android smartphone or other compatible device. Google Pay is supported by cards from the major banks and a number of other financial institutions.

Osko: A service that allows you to transfer money almost instantly from one bank to another. Osko payments are made within your online banking and it is supported by a number of financial institutions in Australia. Osko payments can be made to a BSB number and account number or a PayID.

Pay Anyone: A function in online banking that allows you to transfer money from your account to someone else’s account. You can transfer to a saved payee or add payees using their BSB number and account number.

PayID: A PayID is a memorable piece of information, such as your mobile number or email, that you can link to your bank account to receive payments. Once linked, you can give people or companies your PayID instead of your BSB and account number for payments they make to you.

PayPal: An online payment system that can be used to pay for things online and send and receive money. PayPal also has a buy now pay later service called PayPal Pay in 4.

Samsung Pay: A digital wallet and online payment service that allows you to make contactless payments using a compatible Samsung device. It supports eligible Visa, Mastercard, eftpos and American Express credit and debit cards from a number of financial institutions.

Other online banking articles and guides view icon

Guides

How to open a new bank account online

What is BPAY and how does it work?

What is a digital wallet? 5 tips to help you choose one

Which Australian banks offer Google Pay?

Transferred money to the wrong account? Here’s what to do

What to do when you get a banking error

Security

Banking on the go: 12 tips to help increase your mobile banking security

Understanding online banking security: 25 tips to help keep your account more secure

Online banking providers view icon

Online banking providers

Below is a list of the winning home loan providers from Canstar’s 2024 Digital Banking Awards:

  • Commonwealth Bank
  • Beyond Bank

You can find out more by viewing the full Digital Banking Awards report.

You might also like to see the winning providers for savings and transaction accounts, credit cards, personal loans and home loans.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

General Advice Warning & Detailed Disclosure view icon

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Canstar is not providing a recommendation for your individual circumstances. It’s important you check product information directly with the provider. Consider the Product Disclosure Statement and Target Market Determination (TMD), before making a purchase decision. Contact the product issuer directly for a copy of the TMD. For more information, read our Detailed Disclosure.

Target Market Determination (TMD) view icon

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Advertiser Disclosure view icon

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.
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Any advice provided on this website is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the Product Disclosure Statement and Target Market Determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917. You must not reproduce, transmit, disseminate, sell, or publish information on this website without prior written permission from Canstar.