ANZ, one of the leading banks in Australia has released the latest in a line of its Adult Financial Literacy Survey and has found that nearly three quarters of people now bank online, up from 63% from the 2011 survey. In addition, ANZ reports that mobile and tablet usage in banking has surged in the past three years with 53% of adults reportedly using it versus only 14% in 2011.
The survey which was first published in 2003 and surveyed 3,400 Australians in 2014 measures a number of factors beyond channel usage, including consumer perceptions of the country’s leading banks and financial sector overall. However, the survey also examined saving and financial habits and found that 5% of Australians say they now regularly save money, while regular credit card usage fell from 71% in 2011 to just 64% in 2014. Furthermore, nearly 80% of Australians surveyed feel in control of their financial situation all or most of the time.
Commenting on the survey ANZ CEO, Mike Smith said,
“The growth of digital is changing the way people do their banking and make payments. Online channels are making it easier for people to access information, shop around and compare financial products.”
While many of the statistics found in the survey are not particularly surprising, especially with the channel adoption figures, the survey is able to reinforce that the retail banking industry is facing a truly global shift in consumer demands around their interactions and perceptions of their primary financial institution. Banks and other players that can get the right mix of banking and payment products through the correct channels are set to be the big winners in the years ahead.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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