Big decline in usage of bank branches

Original article by Roy Morgan
Market Research Update – Page: Online : 3-Dec-18

A Roy Morgan Single Source shows that 4.73 million Australians aged 14+ used bank branches in an average four-week period in the six months to October 2018. This compares with 6.50 million for the same period in 2014 (down 27.2%). The survey also shows that 9.18 million Australians (44.7%) used mobile banking in an average four weeks in October 2018, compared with just 5.66 million (29.3%) in October 2014. Internet banking using a website remains the most popular banking channel at 47.1%, but it has declined from 52.3% in 2014 and on current trends looks like being surpassed by mobile banking within a year or two. Phone banking is also declining and is now down to 13.6%, from 16.1% in 2014. Meanwhile, bank branches still play an important role among older customers, with 38.1% of pre-boomers and 29.8% of baby boomers using them over an average four-week period. These are the only two generations where branches are still preferred to mobile banking. The Single Source survey is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes.

CORPORATES
ROY MORGAN LIMITED

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