Now, 47.5% of Australians 14+ conduct their banking via the Internet, ahead of ‘visiting any branch’ (45.6%), according to the latest State of the Nation Report (No. 12) from Roy Morgan Research.
ATMs (77.1%) remain the most frequently used channel while phone banking (17.8%) peaked in 2003 and is now in decline.
Major Banking channels used in an average 4 weeks
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Source: Roy Morgan Single Source (Australia), July 1997 – June 2012, 12 month moving average. Average 12 month sample size = 54,729.
The websites of all the major banks each have over 2.5 million visitors in an average 4 weeks. Commonwealth Bank’s website is ranked 14th in Australia, with 4.4 million visitors in an average 4 weeks.
Michele Levine, CEO, Roy Morgan Research, says:
“Online banking has enjoyed continuous growth over the last 14 years, at the expense of branch visits. Just one of the implications of this change for banks and their customers is that the lack of personal interaction may possibly lead to a weakening of the traditional relationships and loyalty, resulting in reduced barriers to mobility.
“The banking & finance industry exemplifies an industry that has embraced the Internet and technology and been transformed by it. With smartphone penetration now at 46%, the increased use of Apps and mobile internet will continue to drive change in how Australians interact with their financial services providers.”