“Omnichannel touchpoints are increasingly crucial in digital banking: In Australia, 93% of respondents say they prefer to bank online in some form. Evidence that digital banking is the new norm. However, it is still essential to provide various digital options, as 62% say they prefer using the app from their bank or credit union, while 31% prefer their desktop web browser.
Some people still prefer in-person banking at a branch (7%). Overall, this is aligned with global trends, and Entrust says it’s essential for banks to offer omnichannel, digital-first solutions to resonate with today’s consumers.
Customers are security-conscious, and lack of security can have damaging consequences: 95% of respondents from Australia say they were concerned about the potential of banking or credit fraud as banking and credit become more digital. 23% of respondents had personal experience with these fraud risks, having received notification of a personal banking or credit fraud in the past 12 months. These incidents harm customer loyalty, as 43% of respondents notified of fraud changed their bank or credit union as a result.
Fee structures and flexible payment options give banks an edge: Consumers are most likely to consider lower fees, digital solutions and security when choosing or changing their bank. Consumers looking for high-quality, low-cost digital banking, new entrants, or neobanks, could add to their current disruption by offering things like fee-free overdraft protection and unlimited foreign exchange. There is widespread interest in the digital banking atmosphere, with 66% of respondents from Australia saying they would consider using a branchless online banking service for their banking.
More digitally issued cards could further fuel the rise of mobile payments: 63% of respondents from Australia listed contactless credit or debit cards as their most preferred payment method, while 28% listed contactless mobile payments. Digital cards can be an effective selling point as 56% of survey respondents from Australia indicated their preference to open a bank account digitally.”