Aussies love of banking apps trumps social media!

Does it surprise you to learn that 66% of Australians now say they can’t live without their banking apps. In fact, a recent study by the Commonwealth Bank also reported that Australians are more likely to delete their social media apps than their banking ones. 

Why you might be wondering? Well, unlike pens, paper and excel spreadsheets, apps are convenient and they help us to keep tabs on our money in a way that we couldn’t do before we had digital banking and smartphones.

CommBank’s general manager of digital operations technology Fredrik Lindstrom, said, “With the cost of living placing increasing pressure on Australians, we know our customers are looking for ways to keep track of their saving and spending, and to manage their finances more conveniently, in one place.”

According to the study, 50% of Aussies said they would prefer to have a single app for all their financial management needs, and 51% of 18 to 34-year-olds said they were already using their bank’s app to do all their budgeting.

In addition to general banking needs, the study has also found that people use their banking apps to aid them in their saving journey. This included saving for travel (58%), a home loan deposit (42%), and buying technology (30%).

What to look for in a banking app?

Not all apps are created equal, and what works for you might not work for someone else. 

According to the study, 50% of Aussies like apps that offer bill prediction, spend tracker or budgeting features all in one place.

Another nifty feature to look for in a banking app is the ability to track your savings goals, whether it be an emergency fund or a sinking fund. 

Every year, as part of the Banking Apps & Tech Mozo Experts Choice Awards our team of expert judges compare banking apps head to head to help make your search for a top banking app easier. This year 96 banking apps were reviewed.

To be crowned an award winner, the banking app must meet 17 critical functions like spend categorisation/tracking, customised alerts/notifications and scheduling payments while offering fee-free banking. 

Some of the winners this year included CommBank and Up, which allow you to budget in the app itself and correctly categorise your spending. This could help you better understand where your money is going and where you can tighten expenses.

If you’re looking for a new bank check out Mozo’s bank comparison page, or for ways to improve your budgeting check out our budget calculator.