INTERNET BANKING – AUSTRALIA

are still dragging satisfaction levels down

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Original article by Roy Morgan Research
Market Research Update – Page: online : 5-Jan-17

A Roy Morgan Single Source survey has found that banking using an app on a mobile phone or tablet is now more popular than using branches, with 38.8% of Australians using it in an average four-week period, compared with only 28.2% for branches. Satisfaction is a major driver of this trend with 90.7% satisfaction with mobile banking among the big four, compared to 84.8% satisfaction with branches. With a 93.8% satisfaction rate among its mobile banking customers, the CBA has the highest satisfaction of the 10 major banks and has improved by 2.2% points over the last 12 months. Bendigo Bank is a close second with 93.4%, followed by ING Direct on 92.7%. The remainder of the big four banks were well below this top group with ANZ on 88.4%, NAB on 88.0% and Westpac on 87.7%.

CORPORATES
ROY MORGAN RESEARCH LIMITED, BANK OF QUEENSLAND LIMITED – ASX BOQ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, GREATER BANK LIMITED, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, ING DIRECT, SUNCORP BANK, ST GEORGE BANK LIMITED, BANK OF WESTERN AUSTRALIA LIMITED

Bank branches under threat

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Original article by Sally Rose
The Australian Financial Review – Page: 16 : 14-Dec-15

Gerard du Toit of Bain & Company says Australian banks may close 10-30 per cent of their bank branches within five years, as the trend toward mobile banking gathers pace. He notes that the number of visits to branches fell by nearly 10 per cent year-on-year in the September 2015 quarter. However, du Toit cautions banks against shifting their focus to digital banking before it is fully accepted by customers, particularly those in older age demographics.

CORPORATES
BAIN AND COMPANY, ABN AMRO BANK NV, FACEBOOK INCORPORATED

Internet banking growth and satisfaction outstrips other channels

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 12-Oct-15

A Roy Morgan Single Source survey has found that 62.2 per cent of Australians aged 14+ used the internet (via website or mobile) to deal with their bank in an average four-week period during the six months to August 2015. This compares with 58.6 per cent in the six months to August 2013. Meanwhile, the proportion of bank customers using branches in an average four-week period has fallen from 35.5 per cent to 32.3 per cent over the last two years. The only area of growth has been mobile banking, which has increased from 26.2 per cent of Australians to 33.6 per cent. The satisfaction level of internet banking is now 90.2 per cent, compared with 88.4 per cent for branches.

CORPORATES
ROY MORGAN RESEARCH LIMITED, SUNCORP BANK, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

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

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 24-Aug-15

A Roy Morgan Single Source survey has found that an estimated 1.1 million (5.8 per cent of) Australians use only their mobile phone or tablet to conduct banking activities in an average four 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 per cent 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".

CORPORATES
ROY MORGAN RESEARCH LIMITED

Mobile banking tipped to wipe 600 branches

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Original article by James Eyers
The Australian Financial Review – Page: 14 : 3-Aug-15

A UBS report forecasts that the growing shift to the use of mobile banking services will result in a 5.6 per cent reduction in the number of bank branches globally. Australian bank executives who participated in the UBS survey expect local bank branch numbers to be slashed by 11 per cent in coming years, which would equate to 603 branches. The survey also forecasts that the proportion of banking transactions carried out using mobile technology will rise from 25 per cent to 46 per cent in the next three years.

CORPORATES
UBS AG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SCENTRE GROUP – ASX SCG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, NAB VENTURES

Banks still protected from start-ups

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Original article by Shaun Drummond
The Australian Financial Review – Page: 23 : 6/19/2014

Banks have spent billions on technology, but they are still vulnerable to competition from start-ups in the field of new banking technologies. The issue was discussed at a forum held in Sydney on 17 June 2014. Paul Bassat, co-founder of SEEK and Square Peg Capital, said that start-ups were particularly active in developing new technologies that facilitate payments and peer-to-peer lending. The position of banks is however so strong that disruption in the banking sector is not an immediate issue

CORPORATES
SEEK LIMITED – ASX SEK, SQUARE PEG CAPITAL PTY LTD, ATLASSIAN SOFTWARE SYSTEMS PTY LTD, MACQUARIE BANK LIMITED – ASX MBL, KOGAN TECHNOLOGIES PTY LTD, GOOGLE INCORPORATED, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, PAYPAL INCORPORATED, TYRO PAYMENTS