The Nielsen Global Survey of Investment Attitudes has found that 70 percent of Australians have used online banking in the past three months. The survey which interviewed more than 28,000 respondents in 56 countries also found that 14 percent of Australians used mobile banking regularly.
The use of digital banking by Australians reflects the increase in smart phones and mobile technology. The convenience and reliability of online and mobile banking compliments the busy Australian lifestyle and has contributed to the acceptance of digital banking by the younger generation with 40 percent of those aged 21-29 embracing mobile banking services. It was no surprise that those aged over 65 years were less likely to use mobile banking.
The adoption of digital banking by Australians can be due to numerous factors which correlate with the DeLone and McLean model of Information System Success. The DeLone and McLean IS success model can be used to explain the acceptance of online banking; user satisfaction, trust, and commitment can affect the decision of a consumer to continuously use online banking.
The Australian home loans market may have some international competition. Japanese-owned Sony Bank have been given permission by the Australian Prudential Regulation Authority (APRA) to undertake a feasibility study. The study by Sony Bank will determine the effectiveness and need of an online bank in Australia.
If Sony Bank is successful in tapping into the 1 trillion dollar mortgage industry it will be in competition with the big four banks, who currently dominate ninety percent of the mortgage market.
The Pickmaster Plectrum Punch breathes new life into expired credit cards and used gift cards.
Mastercard have launched Priceless, a series of unique experiences for Mastercard holders. They partnered with the SMH upon launch, using their new AirLink technology that allows you to link video content with the print executions.
HSBC launches their sponsorship of the Hong Kong Sevens with their ‘serious play’ TVC.
Movenbank – coming to the Australian market in 2013 are an online only bank with its core philosophy based in social media and technology.
It’ll be very interesting to see how they eventually mix against the big 4, but with social media engagement/smart phone penetration in Australia at some of the highest levels globally, it would seem a great place (from a consumer perspective) to start.
I saw the UBank TVC yesterday on it’s debut air. If you’ve seen the film The Grey, you will no doubt be put off this commercial, as it is probably one of the worst movies I’ve seen in a while. However, the TVC, combined with digital, press, OOH (including station takeovers), PR and social media certainly stands out and encourages consumers to start asking their bank those tricky questions. It will be interesting to know how much traction this gets, given all the other finance activity in market at the moment. Looking at their Facebook page this morning, I’m not seeing a seamless social media component to the campaign. Perhaps this is yet to come.
It will be interesting to see how Australia reacts and adapts to developments in the mobile payments space, given CBA and ANZ’s movements in this space.