Many financial services firms are still not transacting online, despite rapid changes in the sector, including the development of Internet banking. This is a key finding in an Australian Bureau of Statistics (ABS) report Summary of IT Use and Innovation in Australian Business, which discovered that only 19 per cent of financial services businesses received orders over the Web in 2012-13. This compared to an average of 30 per cent across all sectors with income from these orders hitting $246 billion, up by almost $10 billion in 2011-12, the ABS said. More than half (52 per cent) of companies in information media and telecommunications received orders over the Internet, 48 per cent in manufacturing, 50 per cent in wholesale trade, and 38 per cent in retail, the ABS said. Karen De Angelis, an executive director at IT firm DST Bluedoor, said the financial services sector needs to lift its game and conduct more of its processes online. “Given the new SuperStream initiatives, which are being introduced from July this year and aimed at improving the efficiency of back-office operations, we expect to see an increase in online business-to-business processing. “The most successful financial services firms in the future will be those who innovate and invest in IT to meet the quickly evolving needs of their customers.” Between 2011 and 2013, most key indicators of business use of IT have increased, the ABS report said. The greatest change was in the proportion of businesses with a social media presence, which increased from 18 per cent in 2011 to 26 per cent in 2013, the ABS said. Social media included blogs and micro-blogs such as Twitter, content communities like YouTube, and sites such as Facebook and LinkedIn. Almost two-thirds (61 per cent) of businesses in the arts and recreation services had a social media presence, followed by information media and telecommunications at 50 per cent. Only 6 per cent of companies in the transport, postal and warehousing industry had a social media presence, the report said. Finally, almost all (99 per cent) of Australian businesses in wholesale trade, IT and telecommunications, and financial and insurance services sectors had Internet access. In contrast, only 74 per cent of companies in the accommodation and food services industries had Internet access, the ABS said. Follow CIO Australia on Twitter and Like us on Facebook… Twitter: @CIO_Australia, Facebook: CIO Australia, or take part in the CIO conversation on LinkedIn: CIO Australia Follow Byron Connolly on Twitter:@ByronConnolly Follow CIO Australia on Twitter and Like us on Facebook… Twitter: @CIO_Australia, Facebook: CIO Australia, or take part in the CIO conversation on LinkedIn: CIO Australia Related content brandpost Sponsored by Freshworks When your AI chatbots mess up AI ‘hallucinations’ present significant business risks, but new types of guardrails can keep them from doing serious damage By Paul Gillin Dec 08, 2023 4 mins Generative AI brandpost Sponsored by Dell New research: How IT leaders drive business benefits by accelerating device refresh strategies Security leaders have particular concerns that older devices are more vulnerable to increasingly sophisticated cyber attacks. By Laura McEwan Dec 08, 2023 3 mins Infrastructure Management case study Toyota transforms IT service desk with gen AI To help promote insourcing and quality control, Toyota Motor North America is leveraging generative AI for HR and IT service desk requests. By Thor Olavsrud Dec 08, 2023 7 mins Employee Experience Generative AI ICT Partners feature CSM certification: Costs, requirements, and all you need to know The Certified ScrumMaster (CSM) certification sets the standard for establishing Scrum theory, developing practical applications and rules, and leading teams and stakeholders through the development process. By Moira Alexander Dec 08, 2023 8 mins Certifications Certifications Certifications Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe