It is 20 years since CommBank launched its Netbank initiative and since that time it has processed more than $3 trillion in transactions. Considered the local leading digital bank, it reveals in a new infographic that more than half of all its transactions are now digital.
In 1997, Commonwealth Bank launched Netbank, and by 1999 it was available to all CommBank customers. This made CommBank the first major banking institution in Australia to connect to what was then called cyber-banking.
In 2001, CommBank had one million Netbank customers. Over the next 13 years, Netbank grew to over 5 million customers.
In 2010, CommBank launched webchat as a 60-day trial. This was an insight to the future features of Netbank.
Digital features continued to evolve further and in 2013, online banking added video conferencing. Customers could be connected via video to Personal Leaders, CommSec Specialists, Business Bankers and Commonwealth Financial Planners in every branch Australian wide. Nowadays customers can Skype with lenders.
Today CommBank has 5.8 million digital customers and in 2017, 53 per cent of total transactions are digital.
While fewer transactions are happening at bricks and mortar bank branches, CommBank believes its branches still play an important role in customer service. Each week the bank conducts 32,000 financial health checks across its branch network.
According to research from Forrester, integrating human and digital elements into touchpoints will give banks a competitive advantage.
“Despite the growth of digital touchpoints, human assistance continues to play a pivotal role in the purchase journey for financial products, from researching through to finding the right product and applying,” the analysts write.
According to research from Roy Morgan, consumers are more satisfied with their digital experiences than their face-to-face interactions. Among the big four banks, 90.7 per cent of users surveyed were satisfied with mobile banking, compared to 84.8 per cent satisfaction with branches.
The research also indicated banking using an app on a mobile phone or tablet is now more common than visiting branches. 38.8 per cent of Australians used a banking app in an average four-week period, compared with only 28.2 per cent who visited branches.