According to Roy Morgan, an estimated 1.1 million (5.8% of) Australians use only their mobile phone or tablet to conduct banking activities in an average 4 week period. In three years, the number of Australians doing “mobile-only banking” has tripled. This means they do not use any other banking channel, such as website, branches, adviser/banker or the telephone, to deal with their bank. This chimes with earlier DFA research on channel preferences, where we showed that specific segments lead the way into digital usage.
By June 2015, 33% of Australians conducted internet banking using a mobile phone or tablet (app) in an average four week period. This has resulted in a group of people that only deal with their banks via a mobile or tablet. As assumed, younger generations take up digital channels at higher rates than older ones, with close to one out of ten people under 34 years old doing ”mobile-only banking”.
% who only conduct banking via a mobile phone or tablet in 4 week period