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Aussies Love Banking On Their Smart Phones

More time to go to Bunnings

Aussies Love Banking On Their Smart Phones

Image: Pexels

Skipping the line at the bank to whip out your smart phone? Well you’re not alone – more Aussies are banking on their phones than ever before.

App Annie's Asia-Pacific Retail Banking report found the financial services landscape is radically changing with double the amount of Australians banking on their phones between 2014 and 2016, AAP reports.

Other than gaming apps, banking and finance apps were the most downloaded type across the Asia-Pacific region, with Commonwealth and ANZ banks' money apps leading the list of banking apps.

The report said Australia's banking industry had ensured customer behaviour in the digital banking space was "very well established".

"Australia's approach of bundling all financial services within the same app may have contributed to the higher engagement per user," the report said.

App Annie senior vice-president of research Danielle Levitas said mobile banking applications also offered security and convenience to customers.

"They provide banks and other financial institutions with a unique opportunity to enrich relationships with customers, reduce costs associated with in-branch transactions, and create new growth opportunities," she said.

The report also found the total worldwide downloads for finance apps have increased by 100%.

Chinese finance app downloads spiked by 230%, the report noted, acknowledging the country as Australia’s largest source of trade, tourism and international students.

Based in San Francisco, the App Annie report examined retail banking and fintech apps while focusing on Australia, China, Japan and South Korea.

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