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App-using bank customers more likely to share the love

App-using bank customers more likely to share the love

Do you mostly do your banking on an app? If you do, you may be more likely to be satisfied with your bank, and more likely to recommend their services to a friend, according to a new study.

The first Roy Morgan Single Source Survey, which covered 50,000 Australians over 12 months to January 2018, found that while internet banking is still the most common method for dealing with banks, it is losing some ground to apps on mobile phones and tablets.

The survey found that the likelihood of customer recommending their bank to a friend depended in part on the channel through which they experience their bank’s services:

High likelihood of recommending bank based on channel used

Bank channel used in last 4 weeksHigh likelihood to recommend bank
Internet banking using an App on a mobile phone/tablet

68.7%

Visited a branch64.7%
Internet banking using a website64.2%
Contacted personal or private banker60.3%
Contacted financial planner/adviser59.1%
Phone banking spoken to a person57.6%
Phone banking with computerised voice response52.1%

Source: Roy Morgan

While the survey found that people were most likely to recommend banks where they interact through an app, they were least likely to recommend computerised phone banking services.  

Roy Morgan industry communications director, Norman Morris, described the growing proportion of app-using customers as a likely positive outcome for banks, thanks to their high level of advocacy:

“Meeting customer needs in terms of their channel preferences, rather than trying to encourage them on to another channel is likely to create more loyal customers.”

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Fact Checked -

This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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Learn more about bank accounts

How can I close an ANZ Bank account from overseas?

There are two ways you can close your ANZ Bank account from overseas:

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There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

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You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.

Can I close my bank account over the phone?

In most cases, you can close a personal or business bank account over the phone. In fact, this is the best way to ensure you’ve closed an account properly.

By speaking to a banking representative, you can capture and close out any pending transactions, or interest owing/payable on the account being closed.

In the instance where the account is a joint account, or you have multiple bank accounts you want to close, your bank may send you a form that you need to fill out and return.

Either way, you would be advised over the phone of the steps you need to take. Calling your bank ahead of closing an account is often a smart course of action.

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Customers generally need three pieces of information to transfer money to another bank account. Customers need the account name, BSB and account number of the account they wish to transfer money to.

One way of transferring money to another bank account is in a branch with the help of a staff member; they will often give you a receipt as well as confirmation of the transfer.

Transfers can be also made via internet banking and phone banking.

Some banks also allow customers to make transfers via partnered ATMs, especially if the account is with the same bank.

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Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.

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If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.

Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.

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If your bank offers online services, you should be able to find your bank account number online by logging into your account on your bank’s website and checking your details there.

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