Study: Aussies Flock To Mobile Banking As Branch Visits Plummet

Study: Aussies Flock To Mobile Banking As Branch Visits Plummet
SHARE
THIS



New research from Roy Morgan shows that in the six months to June 2017, there were 8.3 million people using mobile banking in an average four week period, up from 4.83 million in 2013, an increase of 3.47 million or 71.8 per cent in only four years.

These are the latest findings from Roy Morgan’s Single Source survey of over 50,000 consumers per annum.

Branch banking falls well behind mobile banking

In June 2013, more than a third (35.8 per cent) of bank customers used a branch in an average four week period, compared to only 25.3 per cent using an app on a mobile phone or tablet (ie mobile banking). By June 2017, mobile banking was used by 41.5 per cent (up 16.2 per cent points), well above the 26.5 per cent (down 9.3 per cent points) using branches.

Major Banking Channels Used in the last four weeks

7311-Banking-Channels-01

The dramatic growth in mobile banking of 3.47 million customers since 2013 is in stark contrast to the reduction of 1.53 million using branches. Internet banking using a website remains the main channel for dealing with a bank (50.8 per cent) but this has shown a decline from 2013 (52.9 per cent) and on current trends looks like being taken over by mobile banking in the next few years. Phone banking is declining and is now down to 13.6 per cent from 18.9 per cent in 2013.

Millennials the clear leaders in mobile banking

Nearly two-thirds (62.8 per cent) of Millennials use mobile banking, compared to only 21.5 per cent using branches. They now number 3.17 million users or 38.2 per cent of the total market. This is well above generation X with 2.03 million or 24.5 per cent of total mobile banking users.

Branch Banking and Mobile Banking – Generational Comparison

7311-Banking-Channels-02

Branches still play an important role among older customers, with 44.9 per cent of pre-boomers and 32.2% of baby boomers using them over an average four week period. These are the only two groups where branches appear to be preferred to mobile banking.

Mobile banking increases with income

The preference for mobile banking increases with household income, reaching a high of 59.5 per cent for those where household income is $150k pa or over. This is in stark contrast to only 19.9per cent  where household incomes are under $40k pa.

Branch Banking and Mobile Banking – Household Income Comparison

7311-Banking-Channels-03

Despite the fact that the use of mobile banking rises rapidly with income, branches are still used by around a quarter of consumers in households with incomes of $60k pa or more.

Commenting on the study, Roy Morgan’s industry communications director, Norman Morris, said: “The switch to mobile banking has been a result of rapid technological change, reinforced by high satisfaction levels with this relatively new way of dealing with banks. Satisfaction with mobile banking is the highest of all banking channels with 91 per cent, compared to branches with 87.1 per cent and as a result it is likely to be a contributing factor to the increasing preference for mobile banking. The decline in the use of phone banking is likely to be largely as a result of it having the lowest satisfaction of all the major channels with only 79.4 per cent.

“The strong preference for mobile banking by Millennials is a result of them having grown up with technology and so they have more easily moved to it, compared to the older generations who have been brought up using branches. As Millennials get older however, their financial needs are likely to become more complex and so they may also require some type of personal contact, possibly involving a branch. The idea that with increased complexity and incomes that there is likely to be a role retained for branches is shown by the fact that their use remains fairly consistent  for all those with household incomes over $60k pa.”

Latest News

Women In Media Profile: Alison Michalk
  • Media

Women In Media Profile: Alison Michalk

If B&T's Women in Media profiles were an animal they would be a gazelle or lioness, or even a lioness eating a gazelle.

by B&T Magazine

B&T Magazine
M&C Saatchi Group’s 1440 Shuts Up Shop
  • Marketing

M&C Saatchi Group’s 1440 Shuts Up Shop

Sadly, M&C Saatchi's 1440 is no more. And chances of it being reborn as 1550 not looking much chop either.

by B&T Magazine

B&T Magazine
Luke Kelly Becomes A Partner At HBT
  • Advertising
  • Marketing
  • Technology

Luke Kelly Becomes A Partner At HBT

B&T's not sure what's with that twirly thing in the press photo, suffice to say a vortex to an alternate dimension?

Grant Broadcasters Makes Several Changes To Senior Executive Team
  • Media

Grant Broadcasters Makes Several Changes To Senior Executive Team

Independent media company Grant Broadcasters has announced a number of changes to its executive ranks. Grant Cameron will move up to become non-executive chairman for the company, and Alison Cameron (pictured above) – currently the chief operating officer – will assume the CEO role. Dugald Cameron remains responsible for the family’s investment portfolio and is […]

Shopper Media Group Partners With Mist To Offer New Tech & AI-Driven Capabilities
  • Advertising
  • Media

Shopper Media Group Partners With Mist To Offer New Tech & AI-Driven Capabilities

Australian retail out-of-home (OOH) business Shopper Media Group (SMG) has announced a partnership with AI-powered wireless networks provider Mist. The partnership will see SMG offer new WiFi, analytics and location-based services across the company’s portfolio of Australian shopping centres. Mist currently provides WiFi and location services using virtual Bluetooth LE technology to businesses across all […]

Indy Agency This Is Flow Wins Cruiseco’s $5 Million Media Account
  • Advertising
  • Media

Indy Agency This Is Flow Wins Cruiseco’s $5 Million Media Account

Travel organisation Cruiseco has announced the appointment of Sydney independent agency This is Flow (TIF) to handle its $5 million media account. This is the first time Cruiseco has appointed an agency, having managed its communications internally. Cruiseco is the largest and broadest distributor of cruise products in the Southern Hemisphere. With a membership base […]

Women In Media Profile: Naomi Shepherd
  • Media

Women In Media Profile: Naomi Shepherd

Need a Monday morning pick-me-up? You could stand naked next to the office fridge or read these inspiring words.

by B&T Magazine

B&T Magazine
APN Outdoor Takes Off With Queenstown Airport Contract
  • Advertising
  • Media

APN Outdoor Takes Off With Queenstown Airport Contract

Out-of-home media business APN Outdoor has won the tender for New Zealand’s Queenstown Airport. As part of the new agreement, APN Outdoor has flagged extensive development plans for Queenstown Airport’s advertising assets. The new contract adds Queenstown Airport to APN Outdoor’s existing portfolio of Auckland and Christchurch Airports. The media company will hire a South […]

Havas Secures Exclusive ‘Fight Of Champions’ Broadcast Rights With Foxtel For Australia & NZ
  • Media

Havas Secures Exclusive ‘Fight Of Champions’ Broadcast Rights With Foxtel For Australia & NZ

Havas Sports & Entertainment ANZ, a division of the broader global full-service agency Havas, has confirmed an exclusive deal with Foxtel to showcase the World Boxing Association (WBA) Welterweight Championship across the trans-Tasman. Billed as the ‘Fight of Champions’, Manny Pacquiao and Lucas Matthysse will square off for the WBA Welterweight belt this Sunday. Havas […]

The Question On Everybody’s Lips At Cannes: How Did Tesco Win The Grand Prix Media Lion?
  • Media
  • Opinion

The Question On Everybody’s Lips At Cannes: How Did Tesco Win The Grand Prix Media Lion?

In this guest post, PHD’s Chloe Hooper (pictured below) analyses the campaign that claimed top honours in the Media category at Cannes this year. I sat in the auditorium as the Cannes Media Lion winners for 2018 were awarded. One thing became instantly clear to me: it is all about taking home Gold or the Grand Prix. […]

Opinion

by B&T Magazine

B&T Magazine
MINI Australia Showcases New ‘Connected’ Vehicles Via Vizeum & Posterscope
  • Advertising
  • Campaigns

MINI Australia Showcases New ‘Connected’ Vehicles Via Vizeum & Posterscope

An integrated campaign by Vizeum Melbourne for MINI Australia’s new ‘Connected’ vehicles will see digital out-of-home (DOOH) served via Posterscope’s Liveposter platform. Delivered centrally, the campaign will showcase the flexible qualities DOOH provides via multiple creatives targeted with specific data overlays such as location, traffic, time of day, and weather triggers such as rain. The […]

Women In Media Profile: Lisa Sheehan
  • Media

Women In Media Profile: Lisa Sheehan

The delightful Lisa Sheehan straps into B&T's "cage of truth" we actually prefer to call our Women in Media profiles.

by B&T Magazine

B&T Magazine
News Corp, Storyful & Fox Sports Join Forces To Support AIME Hoodie Day
  • Advertising
  • Campaigns
  • Marketing
  • Media

News Corp, Storyful & Fox Sports Join Forces To Support AIME Hoodie Day

News Corp Australia, Storyful and Fox Sports have joined forces in support of 2018 AIME Hoodie Day with a creative advertising, PR, social media and editorial campaign across print, digital, and broadcast media. Fox League presenter Hannah Hollis (pictured above) fronts the AIME Hoodie Day campaign, conceptualised, designed and created by News Corp’s trade marketing […]

Storyation Finalist For Global Content Marketing Agency Of The Year
  • Marketing

Storyation Finalist For Global Content Marketing Agency Of The Year

Sydney content marketing agency Storyation has been named a finalist for global Content Marketing Agency of the Year in the Content Marketing Association Awards in the US.  The only Australian agency on the short-list, Storyation was founded by two former Fairfax Media executives Lauren Quaintance (right in photo) and Mimi Cullen (left) and its clients include Tourism […]

Jaden Social Claims Integrated Marketing Tender For NSW Schools Spectacular
  • Marketing

Jaden Social Claims Integrated Marketing Tender For NSW Schools Spectacular

Jaden Social has been awarded the tender to handle integrated marketing for the NSW Schools Spectacular. The agreement will see Jaden Social manage marketing, media, digital and social across the 2018 to 2020 productions of Schools Spectacular, held at Qudos Bank Arena in November. Jaden Social underwent a competitive pitch to secure the account, in […]

APD Australia Appoints New Head Of Digital Product & Strategy
  • Marketing
  • Technology

APD Australia Appoints New Head Of Digital Product & Strategy

Digital transformation business APD has announced the appointment of Chris Butterworth as its Australian head of digital product and strategy. Based in Melbourne, Butterworth (pictured above) will be responsible for building on APD’s owned media team, growing its range of services and developing cross-channel products. Butterworth joins APD from Reprise Digital, where he was most […]