Australians swing towards phone and mobile banking

Australians swing towards phone and mobile banking

Popping down the street for a chat with your local banker or even to use the ATM appears to be falling out of favour, with Australians increasingly turning to mobile and phone banking to manage their personal finances. 

According to the Roy Morgan Single Source Survey, ATMs are still the most frequently used banking channel in Australia, though their usage has declined over the past 12 months.

Other banking channels that experienced declines included internet banking, visiting a branch, and consulting a financial adviser or planner.

However, a growing number of Australians were found to be using phone banking and mobile banking.

Roy Morgan industry communication director, Norman Morris, said that mobile banking has the potential to surpass internet banking and become the leading banking method in Australia:

“With growing consumer trends towards frictionless mobile banking, where payments can be made and received to a mobile device, shopping online and in store can be used with a mobile, and even be used in lieu of a debit card to withdraw cash at an ATM, it’s no surprise the relationship with banking satisfaction can relate heavily to the services banks provide to their mobile banking.”

Percentage of population that used banking channels in the last 12 months

Bank channel March 2017 March 2018
Visited a branch 48.6% 45.1%
Phone banking 22.5% 24.1%
Adviser/Planner 14.6% 14.5%
Mobile banking 43.4% 46.5%
Internet banking 56.2% 54.2%
ATM 84.2% 83.2%

Source: Roy Morgan

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Changing the name on your NAB bank account is straightforward, as long as you have the right documents.

If you’ve just got married, divorced or legally changed your name, here’s what you need:

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Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.

If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.

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You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

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