Monday, September 23rd, 2013
The growth in internet technology and Smartphone usage has changed the way we conduct our banking. In an average 4 week period, 11.2 million of Australians aged 14+ use internet banking at any financial institution.

The recent growth in internet technology and Smartphone usage has changed the way we conduct our banking. In an average 4 week period, 59% (11.2 million) of Australians aged 14+ used internet banking at any financial institution. These figures are based on the latest findings from the Roy Morgan Consumer Single Source Survey.

Although access via the website is still the preferred internet option, conducting banking using an App on a mobile phone or tablet is catching up, with 5 million (26%) bank customers using this method of access in an average 4 week period.

In the 6 months to July 2013, more than half (56% on average) of the customers at each of the big 4 banks in Australia conducted internet banking using the institution’s website or app in an average 4 week period, while less than a third (31% on average) used a branch.

NAB leads the way with 57% of its customers using their internet banking in an average 4 week period, followed by the CBA (56%), ANZ (55%) and Westpac (55%). In terms of branch banking among the major banks, a marginally higher proportion of CBA customers (33%) used a branch, followed by NAB (31%), ANZ (30%) and Westpac (24%).

The usage of Internet and branch banking varies between institutions largely as a result of the customer demographic profile and the internet banking services offered by each institution. The age of customers has a big impact on channel selection with branch users on average being around seven years older than those using the internet.

The level of customer satisfaction by those using internet banking is very high and is averaging around 91% for the big four, with the CBA the highest on 93%. These levels of satisfaction are all much higher than the overall satisfaction for the big four (79.5%) and considering the high level of usage this is likely to be playing a significant part in the upward trend seen in bank satisfaction.

Source:Roy Morgan Research Consumer Single Source, February - July 2013, n=24,979

Norman Morris, Industry Communications Director, Roy Morgan Research says:

“With the decline in branch visits and thus the contact with customers, internet banking increasingly plays a critical role for financial institutions to engage and interact with their customers. It is essential to maintain regular contact with customers to gain loyalty and increase satisfaction.

“One of the challenges facing the banks will be to provide suitable channels to meet the more complex needs of some customers, such as for loans or investments and deposits that are normally associated with older customers who are generally not so predisposed to using the internet. At the end of the day it should be the customers who select the channel, not the banks.

“As long as the institutions can grow their level of service and meet the demands of their customers, we expect the proportion of customers conducting internet banking and using an app to continue its rapid increase.”

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Roy Morgan Research

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
P: 03 9224 5332


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