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Australian mobile banking market to hit 250 million transactions by 2015

Industry Sector

Finance and Banking

Published

15 January 2013

Author

Mike King

Type of News

General

The Australian mobile banking market processed approximately $10 billion between the big four banks last July, proving that the humble smartphone is no longer a device of financial distraction.

ANZ Bank had five million transactions valued at $3.5 billion, a company spokesman said. Westpac said it did 3.3 million transactions over mobile devices, valued at $2.8 billion. The National Australia Bank had 2.1 million transactions worth $1.5 billion, while the Commonwealth Bank could not furnish any figures but suggested they would definitely be more than $2 billion.

There a number of benefits of moving towards a targeted mobile banking strategy, including aiding customer retention and acquisition.

It is possible to segment consumers based on their use of and attitudes towards the mobile channel, and to create distinct strategies for each segment aimed at encouraging their use of mobile and maximising the benefits from this shift in channel use.

According to our market modelling 4.9 million Australians have already joined the mobile banking market over the last couple of years. The vast majority of these consumers are drawn from Australia's ample smartphone owner base, although not all due to the growing presence of tablet computers.

iPods are making a difference by enabling customers to access internet banking through mobile technology. This process is new, but already well-pronounced in Australia.

In the first two months of its existence, Westpac's iPad banking app has been downloaded onto 58,000 devices and used in 137,000 transactions worth $125 million. Analysts predict there could be 250 million mobile banking transactions each year in Australia by 2015.

Even more attractive for banks are the lower transaction costs of mobile banking, which can offer savings even over the traditional online channel.

With the Australian mobile banking market expected to grow by at least half a million consumers in the next 12 months, attracting deposits through mobile banking apps will soon become serious business for banks looking to gain deposit funding without sacrificing net interest margins.

For more information on the Australian mobile banking market, see the latest research: Australian Mobile Banking Market

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