Consumer banking preferences
Despite the slightly lower satisfaction ratings, in a survey about consumers considering taking out a new banking product, the big four banks in Australia dominated. These banks have historically been at the forefront of Australia’s banking and finance scene, attracting new customers due to their reputation, robustness, and repertoire of products and services. Banks in Australia, large and small, have had to diversify their offerings to remain competitive with changing population preferences. A generational comparison of mobile banking and branch banking usage in Australia showed that younger generations were much more willing to use mobile banking services over in-house banking.
COVID-19 and the future of banking
The coronavirus pandemic has certainly made its impact on the Australian banking industry. The big four banks have been forced to react to the country’s biggest economic contraction in a century. The market cap of these banks seemed to have been seriously impacted by the economic uncertainty in 2020. Furthermore, large banks were not the only financial institutions affected. Indeed, the share of financial and insurance businesses anticipating adverse impacts due to the coronavirus in Australia was considerable.