Thursday 01 March 2018
Article by Ben Tosi
Mobile banking is booming down under and it turns out that if you’re one of the ever-increasing number of Aussies to manage their money via a mobile banking app, you’re far more likely to recommend your bank to your best mate.
The study, conducted by market researcher Roy Morgan, revealed that a whopping 68.7% of us were likely to recommend a bank after using its mobile app – more than Aussies with a propensity for traditional banking interactions such as visiting a branch (64.7%) or via the phone (57.6%).
While everyday Aussies might be the ones powering the trend towards app-based banking, the survey results are actually a good thing for banks as well, according to Norman Morris, Industry Communications Director at Roy Morgan.
“The rapid increase in the proportion of bank customers using an App on a mobile phone or tablet is likely to result in a positive outcome for banks,” he said.
“The higher level of advocacy for this group, combined with their rapid growth, should result in improved satisfaction and advocacy levels.”
Could your mobile banking experience improve?
Aussies love their mobile phones. So much so in fact, that we’re willing to switch banking providers if it means we’re able to access more seamless payment technologies or better banking apps on our smartphone of choice.
What this means for financial institutions, however, is that they have to stay ahead of the mobile banking curve if they want to keep existing customers and attract new ones.
It is a realisation that has already dawned at many major banks, according to Chaim Schneider, Director of Research for International and Global Equities for Ariel Investments.
“Banks are absolutely making a lot of investments in mobile, in adapting to the new paradigm, because clearly the new world around them is changing tremendously and rapidly,” he said during a talk in Sydney this week.
So, yes, your mobile banking experience could be set to substantially improve in the coming years as banks try to keep up with emerging trends and create a loyal customer base.
“Meeting customer needs in terms of their channel preferences, rather than trying to encourage them on to another channel is likely to create more loyal customers,” said Morris.
Aussies already benefiting from the mobile banking trend
There might be an exciting future ahead for mobile enthusiasts with technology like biometric payments set to change how we handle our everyday transactions, but Aussies are also able to take advantage of the online trend right now.
Mozo’s recently released Experts Choice Awards highlighted the dominance of smaller, online lenders when it comes to all things deposit-taking but these guys also have a propensity to deliver groundbreaking technologies direct to our palms.
In fact, it was an online-only institution that won Mozo’s most coveted award.
UBank triumphed over 77 other providers in Mozo’s database (including a bunch of Australia’s biggest banks) to take out the top gong as Savings Bank of the Year for the best performing product range across savings accounts, term deposits and bank accounts.
As well as great savings rates, UBank also delivers on the technological front, being one of the few providers to feature innovative sweep technology designed to maximise your savings as part of its USaver with Ultra Transaction Account, which you can of course manage via your mobile.
So what are you waiting for? To join the online banking revolution and nab a great rate on your savings account, check out a host of options using Mozo’s savings account comparison tables.
Or if you’re after a bank account with all the bells and whistles, use our bank account comparison tool to pick one that is right for your mobile needs.