Phone banking takes off, logins double in a year
Mobile banking has well and truly taken off in Australia, with figures showing a 280 per cent increase in use over the last twelve months.
ING Direct, one of the nation’s largest lenders says its customer base is taking to the new technology in droves, with mobile banking set to outstrip web banking soon enough.
“The consistent trend in web visits has been around 15 per cent year-on-year, but this spike in mobile interactions is proof of ever-growing consumer demand and comfort to be able to ‘do’ while on the go,” said Lisa Claes, executive director of distribution at ING Direct.
The latest figures back up findings by other banks that mobile banking is the way of the future, though the trust may not be all there yet. Banks are reporting that while users are happy to check their balance on their phones, mobile transactions are lagging behind. This is expected to turn around too with the growing popularity of P2P money exchange apps and contactless payments using smartphones.
Deloitte research released this month shows that 30 per cent of Australians across all ages (14 to 75) use their mobile for banking at least weekly – double last year’s usage.