ATMs still rule as the banking channel of choice in Australia. But this year, the Internet overtook the bank branch to become the second most popular banking channel.
Currently in an average four-week period, 47.5 percent of Australians over the age of 14 conduct their banking via the Internet, ahead of 'visiting any branch' (45.6 percent), according to the latest State of the Nation report from Roy Morgan Research.
ATMs (77.1 percent) remain the most frequently used channel, while banking by phone (17.8 percent) peaked in 2003 and is now in decline.
"Online banking has enjoyed continuous growth over the last 14 years, at the expense of branch visits," said Michele Levine, CEO of Roy Morgan Research. "Just one of the implications of this change for banks and their customers is that the lack of personal interaction may possibly lead to a weakening of the traditional relationships and loyalty, resulting in reduced barriers to mobility.
"The banking and finance industry exemplifies an industry that has embraced the Internet and technology and been transformed by it. With smartphone penetration now at 46 percent, the increased use of apps and mobile Internet will continue to drive change in how Australians interact with their financial services providers."
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graphic: Roy Morgan Single Source (Australia), July 1997 — June 2012,
12 month moving average. Average 12 month sample size = 54,729.