Internet Use for Financial Transactions Widespread - Survey

Nearly all treasury and finance professionals in a recent survey conducted by the Association for Financial Professionals reported widespread use of the Internet for finance functions. The use of the Web is growing – especially for cash management, investment and foreign exchange – despite the tech slowdown and the notable failures of many dot-coms and application service providers over the last year. The survey revealed that while expectations for rapid adoption have become more realistic, healthy growth in Internet usage in finance functions is expected in the next year. The survey reported that the day-to-day handling of a company’s cash flows and banking relationships, is by far the finance function most likely to be handled via the Internet. Eighty-six percent of the respondents use the Internet for cash management. Around a half of the respondents also use the Internet for investment and foreign exchange services while significantly fewer respondents use the Internet for other areas queried in the survey (bank loans, letters of credit, insurance, bonds/commercial paper, and derivatives hedging).

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