M-banking growth soars in Australia

I knew mobile banking was going well in Australia, but even I've got to say I'm impressed with the latest growth figures. Apparently, more than six million Australians are now using mobile banking, according to a report conducted by the Market Intelligence Strategy Centre (MISC). What's even more impressive is that the rate of adoption is faster than internet banking a decade ago.

Stephen Little is a financial journalist at Retail Banker International. After completing a degree in Politics and Economics at Leicester University, he worked in the local and regional press.

 

I knew mobile banking was going well in Australia, but even I’ve got to say I’m impressed with the latest growth figures.

Apparently, more than six million Australians are now using mobile banking, according to a report conducted by the Market Intelligence Strategy Centre (MISC).

What’s even more impressive is that the rate of adoption is faster than internet banking a decade ago.

Whilst it took internet banking four years to pass the 6m users level, mobile banking has managed it in just three.

These figures come just after data released by the Australian Communications and Media Authority showed that almost half of Australia’s adult population now owned a smartphone.

MISC said a number of factors had resulted in this rapid uptake, which include:
– The already high internet banking penetration (which is now an established alternative to branch banking for more than 20 million adults);
-The presence of several advanced technologies including the iPhone, WI Fi and 3G, and
-Better broadband affordability making the mobile banking experience more affordable.

The report says further innovation such as real-time deposits, the spread of remote merchant payments and real-time credit-card processing would help boost take-up further.

Australia’s banks have been aggressively targeting mobile consumers over the past year and it looks as if things are beginning to pay off.

With ever increasing internet speeds and 4G, mobile banking is only going to become more popular, which means good news for Australia’s banks.