Saturday, October 6th, 2012 - Roy Morgan Research
Banking is a clear example of how the Internet is changing the way people interact with their financial services providers.  This year, for the first time ever, Internet Banking has overtaken branch visits and is now the second most popular channel of banking, behind ATMs.
 
Now, 47.5% of Australians 14+ conduct their banking via the Internet, ahead of ‘visiting any branch’ (45.6%), according to the latest State of the Nation Report (No. 12) from Roy Morgan Research.

ATMs (77.1%) remain the most frequently used channel while phone banking (17.8%) peaked in 2003 and is now in decline.


Major Banking channels used in an average 4 weeks


Source: Roy Morgan Single Source (Australia), July 1997 – June 2012, 12 month moving average.  Average 12 month sample size = 54,729.


The websites of all the major banks each have over 2.5 million visitors in an average 4 weeks.  Commonwealth Bank’s website is ranked 14th in Australia, with 4.4 million visitors in an average 4 weeks.


Michele Levine, CEO, Roy Morgan Research, says:
 
“Online banking has enjoyed continuous growth over the last 14 years, at the expense of branch visits.  Just one of the implications of this change for banks and their customers is that the lack of personal interaction may possibly lead to a weakening of the traditional relationships and loyalty, resulting in reduced barriers to mobility.

“The banking & finance industry exemplifies an industry that has embraced the Internet and technology and been transformed by it.  With smartphone penetration now at 46%, the increased use of Apps and mobile internet will continue to drive change in how Australians interact with their financial services providers.”

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Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
Shaun Ellis
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Keywords

banking, internet, online, web, finance, banks

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