Friday, August 21st, 2015

An estimated 1.1 million (5.8% of) Australians use only their mobile phone or tablet to conduct banking activities in an average 4 week period. In three years, the number of Australians doing “mobile-only banking” has tripled. This means they do not use any other banking channel, such as website, branches, adviser/banker or the telephone, to deal with their bank.

By June 2015, 33% of Australians conducted internet banking using a mobile phone or tablet (app) in an average four week period. This has resulted in a group of people that only deal with their banks via a mobile or tablet. As assumed, younger generations take up digital channels at higher rates than older ones, with close to one out of ten people under 34 years old doing ”mobile-only banking”.

% who only conduct banking via a mobile phone or tablet in 4 week period

Aussies using only their Mobile or Tablet to bank triples in 3 years

Source: Roy Morgan Single Source, Jan 2012–Jun 2015; 6 months average sample n = 24,914; Australians 14+ with a Banking & Finance Product.

When we look at the combination of Banking Channels (i.e. services) used, a third (33.6%) of Australians use only a combination of an app and/or website (i.e. Digital channels) to deal with their bank. Another 29.4% use a combination of Digital and Traditional (i.e. branch, adviser/banker or telephone) channels. Leaving 15.8% of Australians only using Traditional channels, and over one in five (21.2%) not using any channel in an average four week period.

In other words with the majority of Australians using a Digital channel to bank, it is interesting to see that most of them have not used a branch, telephone, financial adviser or private banker in the last four weeks.

% who conduct banking via a channel category in a 4 week period

Aussies using their Mobile or Tablet to bank triples in 3 years

Source: Roy Morgan Single Source, Jan 2012–Jun 2015; 6 months average sample n = 24,914; Australians 14+ with a Banking & Finance Product.


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

“There is no doubt that the way in which we interact with our banks is changing and as such how we view this relationship is evolving. The rise of the mobile channel for Banking is equal parts opportunity and threat.  As more and more people have a “mobile only” relationship with their bank there is the danger of being seen as a function rather than a relationship.  In addition, with the digital world evolving at such as rapid rate, it is imperative that these organisations be at the cutting edge of innovation and customer centric design to ensure that they remain close to their customers.

However, this being said, the convenience and function offered by this channel enables customers to be more engaged with their finances on a day to day level.  This comfort with mobile and digital opens the flood gates to innovations in payments. With the Australian customer already engaged in mobile centric banking, the step to payments should be more of an evolution rather than a revolution. 

This presents an interesting challenge for the sector.  If the payment of goods and services is the most common financial interaction, what will be the implication of the third party platform (e.g. digital wallets) on the customer’s relationship with their Bank?  Will it bring them closer or will it mean there are seen as a wholesale commodity?  Time will tell, but one thing is certain, change will happen in this space and the potential implications could be dramatic.”

View this press release in full on our website.

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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


mobile, technology, digital, online banking, banking, finance




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