- Home
- Bank Accounts
- News
- Australians swing towards phone and mobile banking
Australians swing towards phone and mobile banking
Popping down the street for a chat with your local banker or even to use the ATM appears to be falling out of favour, with Australians increasingly turning to mobile and phone banking to manage their personal finances.
According to the Roy Morgan Single Source Survey, ATMs are still the most frequently used banking channel in Australia, though their usage has declined over the past 12 months.
Other banking channels that experienced declines included internet banking, visiting a branch, and consulting a financial adviser or planner.
However, a growing number of Australians were found to be using phone banking and mobile banking.
Roy Morgan industry communication director, Norman Morris, said that mobile banking has the potential to surpass internet banking and become the leading banking method in Australia:
“With growing consumer trends towards frictionless mobile banking, where payments can be made and received to a mobile device, shopping online and in store can be used with a mobile, and even be used in lieu of a debit card to withdraw cash at an ATM, it’s no surprise the relationship with banking satisfaction can relate heavily to the services banks provide to their mobile banking.”
Percentage of population that used banking channels in the last 12 months
| Bank channel | March 2017 | March 2018 |
|---|---|---|
| Visited a branch | 48.6% | 45.1% |
| Phone banking | 22.5% | 24.1% |
| Adviser/Planner | 14.6% | 14.5% |
| Mobile banking | 43.4% | 46.5% |
| Internet banking | 56.2% | 54.2% |
| ATM | 84.2% | 83.2% |
Source: Roy Morgan
Disclaimer
This article is over two years old, last updated on May 8, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent bank accounts articles.
Compare bank accounts
Product database updated 26 Nov, 2024
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.
Latest bank accounts articles
Bank Accounts
07/11/24 . 7 min read
Can foreigners open a bank account in Australia?
If you’re migrating to Australia, taking a working holiday, or studying as a student, you should be able to open an Australian bank account.
Mark Bristow
Personal Finance Editor
How do you deposit cash or change into your bank account?
Can I have a PayPal account without a bank account?
How do I transfer money from Paypal to my bank account?
