INTERNET BANKING – AUSTRALIA

Millions of people being left behind as big banks close branches, say experts

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Original article by Matthew Elmas
The New Daily – Page: Online : 16-Feb-24

Researchers from RMIT and Swinburne University have warned that many Australians are being left with limited or no access to banking services as the sector shifts to digital banking. The nation’s major banks have closed hundreds of branches in recent years, but Julian Thomas from RMIT says a significant proportion of Australians either lack reliable access to the internet or cannot afford the cost. The banking industry has claimed that nine out of 10 Australians now use online banking; however, the researchers’ analysis of digital inclusion index data shows that only 74 per cent of people aged 75+ and 87 per cent of public housing tenants do so. They also note that many people in regional and rural areas lack reliable internet access.

CORPORATES
RMIT UNIVERSITY, SWINBURNE UNIVERSITY OF TECHNOLOGY

Westpac suffers online banking outage with customers shut out of accounts

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Original article by Martin Farrer
The Guardian Australia – Page: Online : 5-Dec-23

Westpac advised late on Monday evening that it was working to restore its mobile and online banking services following an outage that left customers unable to access their accounts. Westpac has attributed the outage which began at around 8pm to a ‘routine technology update’. Many people were unable to make payments via credit cards or mobile phone due to the outage, while others reported that they could log into Westpac’s platform but their accounts were missing. Some customers criticised Westpac for advising of the outage via social media rather than its website. Westpac had fully restored all affected services by 5.15am on Tuesday.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC

Fintechs slam CBA alerts as misleading

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Original article by James Eyers
The Australian Financial Review – Page: 15 & 20 : 18-Nov-19

Raiz Invest has criticised the Commonwealth Bank of Australia for warning customers about the security risks associated with the use of fintech apps. CBA customers who use the Raiz app recently received a warning that their NetBank account had been compromised, and cautioned against sharing account log-in details with third parties. Raiz CEO George Lucas says the CBA alert was misleading and may even constitute an abuse of market power. Fintech Australia’s Rebecca Schot-Guppy says CBA’s actions are concerning given that the open banking regime is slated to begin in early 2020.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RAIZ INVEST LIMITED – ASX RZI, FINTECH AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ZIP CO LIMITED – ASX Z1P, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Mobile banking apps linked to high customer satisfaction

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Oct-19

New research by Roy Morgan shows that satisfaction levels for mobile banking users was 90.3% in September 2019, ahead of interactions via internet banking (89.0%), branches (86.4%), a personal banker/advisor (78.9%) and phone banking (80.4%). Mobile banking is now used by 45.9% of Australians aged 14+ in an average four-week period, compared to only 20.6% who use branches. Customers of all four of the major banks have higher satisfaction with mobile banking compared to those using branches. Internet banking users also have higher satisfaction than those using branches. These are some of the latest findings from Roy Morgan’s ‘Service Satisfaction Report-Consumer Banking Market September 2019’. This report is based on data collected from Roy Morgan’s Single Source survey, which involves in-depth interviews conducted face-to-face with over 50,000 consumers each year in their homes. The results presented here are from interviews conducted in the six months to September 2019.

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ROY MORGAN LIMITED

Clock ticks on digital bank’s goals

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Original article by Joyce Moullakis
The Australian – Page: 21 : 9-May-19

Digital bank 86400 will seek to attract new shareholders via a capital raising that will be managed by Morgan Stanley. 86400 could potentially raise up to $250m, but CEO Robert Bell says the final amount will depend on demand from local and international investors. The company has applied for a full banking licence, and Bell expects this to be granted shortly. Rival digital bank Judo recently gained a full banking licence.

CORPORATES
86400 PTY LTD, JUDO BANK PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, CUSCAL, MACQUARIE GROUP LIMITED – ASX MQG, ATOM BANK, METRO BANK, VOLT BANK LIMITED, XINJA BANK LIMITED, TEMENOS, AMP LIMITED – ASX AMP

ING gains as customers flee the big banks

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 14-Mar-19

The number of customers for whom ING Australia is their main bank has risen by 57 per cent in the last year, to 645,000. This compares with just 100,000 customers in 2013. ING Australia CEO Uday Sareen says positive advocacy from the digital-only bank’s existing customers has been a major of its recent growth, which has also coincided with the Hayne royal commission. ING Australia booked a statutory net profit of $401m in 2018, an increase of 15 per cent, while deposits grew by nine per cent to $43.4bn.

CORPORATES
ING AUSTRALIA HOLDINGS LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, APPLE PAY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC

Neobanks set for vault into future

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Original article by Richard Gluyas
The Australian – Page: 15 & 16 : 11-Jan-19

Australia’s traditional banks are set to face growing competition from purely digital banks. The majority of banks that have entered the domestic market in the last decade have been foreign owned, but local ‘neobanks’ are changing the status quo. Volt will seek a full banking licence after gaining a restricted licence in May 2018, and the digital bank aims to have a $3m mortgage loan book within three years. Xinja also recently secured a restricted licence, while 86400 is set for a public launch within three months.

CORPORATES
VOLT BANK LIMITED, XINJA BANK LIMITED, 86400 PTY LTD, CUSCAL, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, UP, MONZO, REVOLUT, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BARCLAYS BANK PLC

The way Australians bank

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-May-18

A Roy Morgan Single Source survey shows that ATMs remain the most used banking channel in Australia, with 83.4% of Australians aged 14+ using an ATM in the year to March (down 0.8%). Internet Banking is the second most used banking channel, with 54.2% using Internet Banking in the last 12 months (down 2.0%). The rapid increase in the use of mobile banking, with its higher satisfaction levels compared to branches, appears to have affected the number who use it compared to visiting a branch. Mobile banking usage is at 46.5% (up 3.1%), beating visiting a branch at 45.1% (down 3.5%). Phone Banking also saw an increase on 2017, with 24.1% of Australians aged 14+ using Phone Banking (up 1.6%).

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ROY MORGAN LIMITED

Bank advocacy highest among App users

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Mar-18

A Roy Morgan Single Source survey has found that bank customers using an App on a mobile phone or tablet to deal with their bank are more likely to recommend them to a friend or colleague compared to those accessing their bank using other channels. In the 12 months to January 2018, 68.7% of customers who dealt with their bank using an App on a mobile phone or tablet said they were highly likely to recommend their bank to others. This is based on them scoring an 8, 9 or 10 on a possible 10-point likelihood scale. This level of advocacy is well above that of the more traditional method of dealing with banks – the branches – with 64.7% being high advocates. Internet banking using a website is currently the most common method for dealing with banks, but it is losing some ground to the use of Apps on mobile phones or tablets.

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ROY MORGAN LIMITED

Nearly three and a half million increase in mobile bank users since 2013

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 23-Aug-17

A Roy Morgan Single Source survey has found that 8.3 million Australians aged 14+ used mobile banking in an average four-week period in the six months to June 2017, compared with 4.83 million in the six months to June 2013. The survey also shows that the proportion of Australians who use mobile banking in an average four weeks has risen from 25.3% to 41.5% over this period, while the proportion who use a bank branch has fallen from 35.8% to 26.5%. Meanwhile, 62.8% of millennials now use mobile banking, compared to only 21.5% using branches. They now number 3.17 million users or 38.2% of the total market. This is well above generation X with 2.03 million or 24.5% of total mobile banking users.

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ROY MORGAN RESEARCH LIMITED