• Thu. May 19th, 2022

Mobile banking apps are the best, according to Australians

Let’s be honest, when was the last time someone visited a bank? And it seems unlikely to happen again, according to new research by Roy Morgan.

Mobile banking (via a smartphone or tablet app) is by far the most popular banking method, producing an average customer satisfaction rate of almost 90% among the Big Four Australian banks (CBA, Westpac, ANZ and NAB) . Almost two-thirds of Australians now use mobile banking as their primary method of managing money.

Internet banking (using a bank’s website) is a close second, with an average satisfaction rate of 86.8%. This is followed by in-person branch visits (82.6%), followed by telephone banking, which ranks fourth with 77.4%.

Anything to avoid phoning, huh?

What are the advantages of mobile banking?

Mobile and internet banking offers many key benefits that could entice customers, primarily improved accessibility, security and clarity. Banking apps these days aren’t just the digital version of banking anymore: they often offer new user-friendly features such as savings guides, budgeting tips and tools, and in-app chat platforms. .

Now that open banking has also become mandatory, customers have more control and understanding than ever when it comes to managing their own money. The free flow of data is also fueling the development of advanced technologies in financial applications, such as learning AI in Finspo, a personalized financial application.

Is fintech the future of finance?

Digital banking and fintech are fast becoming the benchmark for modern financial management. This cultural shift has been supercharged by the pandemic, but we have been experiencing a trend of technological integration for some time.

As such, nowadays there is a veritable assortment of money app options available for a range of financial needs and interests.

For example, Buy Now Pay Later (BNPL) offers a convenient alternative to the traditional credit card, while investing apps, digital wallets and mobile payment apps like Beemit allow younger generations to take control of their money in a way that suits them. .

Neobanking, as opposed to traditional online banking, has also emerged as a new way of thinking about finance.

If you’re curious to know more, we’ve put together a nifty guide to fintech and what to pay attention to, including the pros and cons of neobanks.