Research shows digital dominates Aussie customer banking

InMobi and YouGov’s new survey shows more financial decisions go digital

Australians are more comfortable using their online financial services, and are increasingly using their mobile devices to make financial choices, a recent report found.

The joint study released by InMobi and YouGov’s revealed 84 per cent of Gen Y (aged 25-34 years), said they use online financial services, with 80 per cent well of mobile users well into the forties, and remains at 70 per cent for those aged 55 or over.

In the older age categories, though, most interaction is via a desktop or laptop computer. Only those under 35 prefer to download a mobile app than use a website on a larger screen. 39 per cent of those aged 25-34 year preferred an app, compared to just 4 percent of those aged 55 and over.

When it comes to sources of financial advice, almost half of all respondents listed bank websites and third party financial services websites as one of the most important sources they refer to, up from seeking advice from friends and relatives (46 per cent) or from visiting or calling up a bank branch (35 per cent).

Financial consumers are also increasingly prepared to sign-up for new financial services online. In all age categories more respondents said they preferred to sign up via the web than in person.

Meanwhile hidden fees were cited as the overwhelming reason for respondents to consider switching their financial services provider. It ranked highly across all age categories, averaging 53 per cent of all respondents.

According to InMobi’s VP and general manager AU/NZ, Jon White, the survey shows consumers are looking for simple product information and transparency in the increasingly cluttered finance sector.

“People feel online comparison is the best way to find impartial information about products and services without a hard sell included," he said. "That’s why just 13 percent preferred advice from a bank’s personal advisor as a trusted source of information. It’s the ability to anonymously compare prices, in their own time and space, that many people are seeking”.

YouGov’s country head of ANZ, Sej Patel, said the research highlights an online savvy nation that is prepared to embrace mobility and online when interacting with the finance sector.

“The industry understands the need for applications and services that give the user control, but this research also highlights the need for transparency in pricing," he said. "Buyers are researching extensively online, then talking to family and friends, and it’s not until the later stages of their decision-making process that they engage with financial advisors or visit a bank branch, if they do at all. In that sense, the early provision of timely information, whether through advertising or a website, is essential for the sector.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the newsletter!

Or
Error: Please check your email address.
Show Comments

Blog Posts

Social purpose: Oxygen for your brand health vitals

If trust is the new currency, then we’re in deep trouble. Here's why.

Carolyn Butler-Madden

Founder and CEO, Sunday Lunch

Customer experience disruption: Healthcare faces a bitter pill

Over the past decade, disruptors such as Amazon, Apple and Australia’s Atlassian have delivered technology enhanced customer experiences, which for the most part, have improved customers’ lives and delivered unparalleled growth. Can they do the same for healthcare?

Alex Allwood

Principal, All Work Together

How can a brand remain human in a digital world?

Some commentators estimate that by 2020, 85 per cent of buyer-seller interactions will happen online through social media and video*. That’s only two years away, and pertinent for any marketer.

James Kyd

Global head of brand strategy and marketing, Xero

https://bit.ly/2qLgzmR Transform your life a proven digital blueprint

Okitoi Steven

How this banking group tackled a digital marketing transformation

Read more

Its great to hear that companies including JCDecaux, oOh!media, Omnicom and Posterscope Australia have all partnered with Seedooh inorder...

Blue Mushroom Infozone Pvt Ltd

Out of home advertising companies strive for greater metrics and transparency

Read more

Much ado about nothingAnother fluff piece around what it could possibly do rather than what it is doing

gve

How AMP is using AI to create effortless ‘experiences’

Read more

is it true that Consumer expectations are also changing as a result. If we trust someone with our data there is also an expectation that ...

Sunita Madan

Society will decide where digital marketing takes us next: Oracle

Read more

This Blog is Very interesting to read and thank you for sharing the valuable information about Machine Learning. The information you prov...

johny blaze

What machine learning has done for the Virgin Velocity program

Read more

Latest Podcast

More podcasts

Sign in