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.”
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