• Wed. Aug 3rd, 2022

Mobile and internet banking apps are more satisfying for customers than branch visits or phone banking

Source: Roy Morgan Single Source Australia, July – December 2021, n=33,302. Base: Australians aged 14 and over.
1. Use an app on a mobile phone or tablet. 2. Use an institution’s website.

Roy Morgan’s new Banking Channel Satisfaction Report shows the ABC records the highest levels of customer satisfaction for branch visits, internet banking and mobile banking – using an app on a mobile phone or tablet among the big four banks. The report also showed that mobile banking and internet banking are the service channels with the highest customer satisfaction.

As of December 2021, the CBA was the top performer of the Big Four with the highest customer satisfaction across three of the service channels including Mobile Banking (90.8%), Internet Banking (87.8%) and branch banking (83.5%). The CBA achieved a customer satisfaction rate of 76.3% for telephone banking services.

There was little to separate their three competitors, with ANZ coming in second overall with 89.2% (mobile), 86.6% (internet), 83.2% (branch) and 76.6 % (telephone). Westpac followed with 87.9% (mobile), 86.1% (internet), 82.1% (agency) and the highest of the big four for telephone banking (79.4%). NAB rounds out the big four with 89.8% (mobile), 86.5% (internet), 81.5% (branch) and 77.3% (telephone).

This new data comes from Roy Morgan Single Source, Australia’s most comprehensive consumer survey, derived from in-depth interviews with over 60,000 Australians each year.

Mobile banking (via a mobile or tablet app) was found to be the most satisfied banking channel with customers, with an average rating among the big four banks of 89.4%. Internet banking, which visits a bank’s website, received the second highest average satisfaction rating at 86.8%. Branch banking follows with 82.6%, and telephone banking, which involves calling the bank directly, comes in fourth at 77.4%.

Banking Channels Customer Satisfaction Score – December 2021

Source: Roy Morgan Single Source Australia, July – December 2021, n=33,302. Based: Australians 14+.
1. Use an app on a mobile phone or tablet. 2. Use an institution’s website.

Mobile banking has now overtaken internet banking as the most used banking channel

High customer satisfaction with mobile banking is good news for the big four banks, as it is increasingly the preferred way for customers to access their bank accounts – overtaking the use of internet banking for the first time in 2021.

Almost two-thirds of Australians, 63.6%, now use mobile banking apps on a cellphone or tablet to access their bank accounts, up 7% from a year ago.

Internet banking, which conducts banking through an institution’s website, remains the second most used channel with a mere 50.3% majority using the service, but down 9.1% from to a year ago.

Visiting a branch is clearly the third preferred service channel used by 47.4% of people, down 6.2% from a year ago while telephone banking is used by only 22, 8% of people, virtually unchanged from a year ago.

Service channels used in the last 12 months – December 2021

Source: Roy Morgan Single Source Australia, July – December 2021, n=33,302. Based: Australians 14+.
1. Use an app on a mobile phone or tablet. 2. Use an institution’s website.

Michele Levine, CEO of Roy Morgan, says mobile banking apps continue to grow in popularity and the good news for banks is that customer satisfaction is over 2.5% higher for mobile banking apps than any other channel on duty :

“If we consider the four main banking channels available to customers, it is clear that mobile banking apps are increasingly the preferred channel for customers to conduct their banking and financial transactions – particularly at the expense of internet banking and agency visits.

“The ease of using a mobile app to check one’s account balance and transactions means it’s no surprise that it’s not only the most used banking channel, but also the one with the highest customer satisfaction – with an average of 89.4% for customers of the big four banks.

“For the first time in 2021, more Australians used a mobile banking app: 63.6% (up 7% from 2020) than internet banking: 50.3% (down 9 .1% points), to carry out their banking operations – a variation of 16.1% points on a year earlier. The rise of mobile banking applications is also at the expense of branch visits – which fell from 6.2% to 47.4%.

“The good news for the Big Four Banks is that customer satisfaction with mobile banking apps is higher for Big Four Bank customers (89.4%) than the industry average for all banks (89.4%). .0%) – the only banking channel of the big four banks.banks have an advantage.

“ABC leads with a 90.8% customer satisfaction rating for its mobile banking app, just ahead of peers including NAB (89.8%), ANZ (89.2%) and Westpac (87, 9%) – with less than 3% points separating the four banks.

“ABC also scores well in internet banking with market leading customer satisfaction of 87.8%, and branch visit customer satisfaction of 83.5%. Westpac is the top performer in telephone banking with a customer satisfaction rate of 79.4%.

“Higher customer satisfaction rates with automated banking channels are further inducing banks and other financial services companies to increasingly move as many of their services online as possible.

“An added benefit for banks moving their customers online is the reduced labor costs associated with these frictionless banking channels and it’s easy to see why the trends of recent years are set to continue with an integrated greater technology and less face-to-face interaction with staff in an increasingly connected world.

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Roy Morgan – Information

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