Mobile banking apps are the best, according to Aussies

Let’s be honest, when’s the last time anyone actually visited a bank? And it seems we’re unlikely to ever again, according to new research from Roy Morgan.

Mobile banking (via a smartphone or tablet app) is hands-down the most popular banking method, producing an average customer satisfaction rating of nearly 90% among Australia’s Big Four Banks (CBA, Westpac, ANZ, and NAB). Nearly two thirds of Australians now use mobile banking as their top method for managing money.

Trailing at a close second is Internet banking (using a bank’s website), with an 86.8% average satisfaction rate. This is followed by in-person branch visits (82.6%), then lastly phone banking, which came in a dismal fourth at 77.4%.

Anything to avoid making a phone call, huh? 

What are the advantages of mobile banking?

There are many key benefits offered by mobile and internet banking which might incentivise customers, chiefly enhanced accessibility, security, and clarity. Banking apps these days are no longer just the digital version of the bank: they often boast new user-friendly features like savings guides, budgeting tips and tools, and in-app chat platforms. 

Now that open banking has been made mandatory, too, customers have more control and understanding than ever when it comes to managing their own money. The free-flow of data also fuels the development of cutting-edge technology in money apps, like the AI-learning in Finspo, a personalised finance app.

Is fintech the future of finance?

Digital banking and fintech are  fast becoming the benchmark of modern financial management. This cultural shift has been super-charged by the pandemic, but we’ve been experiencing a trend toward tech-integration for a while now. 

As such, these days there’s a veritable smorgasbord of money app options available for a range of financial needs and interests. 

For instance, Buy Now Pay Later (BNPL) offers a handy alternative to the traditional credit card, while investment apps, digital wallets, and mobile payment apps like Beemit empower younger generations to take control of their money in a way that makes sense for them. 

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

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