Banking

digital piggy bank

More than 50 per cent of US consumers wanting to change banks would consider a digital-only bank, with the same finding reflected in a similar UK survey, according to Juniper Research. However, the findings showed that banks need to be more than technologically competent; users’ top priorities include sign-up benefits

As banks push their customers into self-service digital channels to cut costs, they are finding the shift comes at a price – reduced trust from consumers. That’s a key takeaway in a new report from Accenture. And the COVID-19 fuelled shift to digitalisation has only accelerated matters according to Accenture’s

Fewer than one in 10 banks have digitally transformed in a way that delivers commensurate reward, citing problems with time and cost, system integration, and legacy technology, according to analysis of 750 banks by Infosys, a company that offers core banking products. Infosys Finacle, part of EdgeVerve Systems, a wholly-owned

The Commonwealth Bank of Australia again increased its IT spend last year as it chases CEO Matt Comyn’s $5 billion vision of being Australia’s digital leader. Australia’s largest bank says it now has 7.4 million “digitally active customers”, up more than 400,000 from the previous year. Financial results released today

Churn is a term no bank executive wants to hear. But with the rise of neobanks in Australia, the customers need to come from somewhere. Australia is still in its infancy when it comes to neobanks. Xinja, Up, Volt and Judo were established in 2017 and 86 400 in 2018.

The revenue banks make from customer fees is under threat from increased competition and regulation. According to new research from Accenture, Australian banks risk losing as much as 9 per cent of their retail revenue if fees from overdrafts, cross-border payments and foreign transactions  dry up.  As more competitors emerge

As internet banking took hold the question emerged: what will happen to the bank branch?  Australia’s big banks have always maintained their branches are an important channel for customers to do their banking, even as more transactions occur online.  Coronavirus has only accelerated that trend and forced branches to close

Face to face interactions are currently limited and the battleground for new customers has switched to the digital environment. Those organizations that offer fast, seamless experiences and secure on-boarding might hope to win market share – but even if financial institutions are prepared to make the switch to digital account

Westpac branch

Apple Pay is now available for Westpac customers with an eligible Mastercard debit or credit card, or eftpos Handycard. The decision was flagged late last year and makes Westpac the last of Australia’s big four banks to offer the digital payment method. Westpac customers will be able to use Apple

The total number of digital banking users will exceed 3.6 billion by 2024, up from 2.4 billion in 2020; a 54 per cent increase, according to a new study from Juniper Research. This growth will be driven by the rise of digital-only banks and the ongoing focus on digital transformation