New ING research reveals ‘clicks’ trump ‘bricks’ when it comes to banking convenience
The convenience of digital banking has led Australians to ditch the queue for the couch, new research commissioned from ING in Australia reveals.
The research, which coincides with ING’s 20th anniversary in Australia, suggests the living room is the new bank branch, with more than half of Aussies (56%) revealing they have done online banking while watching TV, compared to less than 1 in 5 (16%) who choose to go into a physical bank.
Waiting in line for your number to be called is a thing of the past for many people, with other common places for online banking being in bed (44%), at work (43%), on public transport (29%), or even while on the loo (20%).
Being able to bank anytime, anywhere, and having full visibility over their bank balance has meant that more than two-thirds (65%) of Aussies over the age of 35 are better at saving than they were 20 years ago.
ING’s Head of Digital and Innovation, Chris Barwick, says: “Aussies lead busier lives than ever, and our research suggests a new wave of ‘lifestyle bankers’ are taking advantage of digital banking to access their accounts from the comfort of their home or during their commute.
“Being able to quickly access banking information is also a driving catalyst to becoming a better saver, and as people grow up with technology at their fingertips, this trend will continue to build.”
‘ATM anxiety’ a thing of the past
The research also reveals digital banking is killing off ‘ATM anxiety’. Four out of five (79%) Australians over 35 years old say the arrival of online banking has helped to eradicate the fear they once had of checking how much was in their bank account.
“Our research has found that Aussies are certainly embracing online banking and checking their accounts more frequently, due to the real time benefits that have helped to rid some of the major worries around personal finance.”
Simple reliable banking technology trumps hi-tech banking gadgets
When asked what makes for a great digital banking experience, the majority (75%) of respondents say ‘simple, reliable banking technology that makes life easier’. This trumped ‘having access to the latest wearable banking tech’ (14%), ‘making payments via social media platforms’ (13%) and ‘customer service chat bots’ (11%).
“The desire for efficient tech that makes life easier definitely rings true with our customers. For example, ING’s Everyday Round Up digital tool enables customers to automatically round up their loose change from Orange Everyday card purchases into their Savings Maximiser. More than 66,000 customers activated the feature within the first 100 days and collectively saved $100,000, demonstrating Aussies’ appetite for new technology to enhance their lives.”
For more information, visit www.ing.com.au
ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to home loans, transactional banking, superannuation and insurance.
With $38 billion in savings and $43 billion in mortgages – ING has the highest Net Promoter Score of any Australian bank.
Australia’s most recommended bank.
Source: Nielsen Consumer & Media View Oct’18 – Mar’19 (n=11,830) when compared by customers of 18 other banks operating in Australia.
Notes to editors:
- This survey was conducted by YouGov Galaxy in February 2019.
- The sample comprises of 1,027 Australians aged 18 years and older, distributed throughout Australia.
Everyday Round Up disclaimer
Feature applies to card purchases only. Customers must opt in to Everyday Round Up and select to round up to the nearest $1 or $5. When you spend with your Orange Everyday card, we’ll transfer the extra amount from your Orange Everyday to your nominated Savings Maximiser. A round up will not be debited if doing so would reduce your Orange Everyday balance below $20. Full details at ing.com.au. Any advice is general in nature only. Read the Savings Maximiser and Orange Everyday Terms & Conditions and Fees & Limits Schedule at ing.com.au and consider if these products are right for you. Issued by ING Bank (Australia) Limited AFSL 229823.