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Doing Digital Right: What Australian Customer-Owned Banking Institutions Should Consider Now

Australian consumers have a growing appetite for digital banking channels. It’s time for your institution to get into the game and provide digital solutions that members find useful and convenient.

Executive Summary

Six percent of Australian consumers have a banking relationship that’s entirely mobile. These consumers never visit a branch. Never contact the call center. And see no reason to visit their financial institution’s website.

Now, 6% might not sound like anything to get excited about, but that percentage reflects a cross section of the Australian population, ages 14–49; measure only the 14–24-year-old cohort and the percentage more than doubles.

While it’s unlikely that a mobile- only future will come anytime soon for customer- owned banking institutions, no one can deny the importance of digital channels and the increasing need to “get digital right.”