Although Westpac reached its target of 1.6 million online banking customers earlier than expected, sign-ups have since slowed down. Online activity has not, however, although most customers focus on day-to-day functions such as checking transactions, paying bills and transferring money between accounts.

Westpac plans to expand beyond these routine Internet banking activities. Although 30 per cent of Westpac's customer base is registered for online banking, currently only 14.4 per cent of credit card approvals are made online, 15.8 per cent of personal loans and 1.2 per cent of home loans. The bank wants to expand these activities as well as selling managed funds and giving financial advice.