Adobe Digital Index’s (ADI) “State of Banking” noted a leadership position for Australia in Mobile Banking, particularly in terms of improving customer experience.
Adobe analyzes developed markets like USA, Canada, UK, as well as Australia: In USA, mobile banking services were used on average 27 times in 2015, almost half of all the other countries mentioned above.
Another reason of the high penetration of Mobile Banking in Australia is certainly attributed to the domination of the market by four big retail banks. In USA, contrarily, banking market is fragmented. Also in Canada and UK, there are a few big players in the banking sector, who generate economies of scale and therefore have good motivation to accelerate Mobile Banking.
Australia leads this group. The so-called “millennials” carry out more than half of their transactions (or in general banking activity) through online channels in Australia.
Thirty nine percent of the millennials indicate “the quality of the Mobile App of their bank” as important and as “the essential part for the choice”. And this is important to the banks for client retention.
Most of the banking activity in Australia happens during the workdays, bottoming out at the end of the week.
We shall certainly analyze this trend to fine-tune the operations of the banks with their digitalization ecosystem.
ANZ, one of the four major local banks in Australia, has made an agreement for the usage of Apple Pay and the user numbers seem to be interesting.
In the meanwhile, Google does not stand idle and gets prepared to the launch of Android Pay with the support of Westpac.