99.1% online banking in Australia; yet, bank branches essential for complex tasks; cash usage declines as digital wallets surpass ATM cash withdrawals.
99.1% of banking interactions are done online or via apps in Australia, but bank branches remain essential due to complex requirements like product advice, onboarding, and legal document lodgement. Despite the massive digital banking shift, cash usage is declining, with digital wallets overtaking ATM cash withdrawals for the first time. The Australian Banking Association's '2024 Bank On It' report shows digital wallet use has increased 18-fold in five years, accounting for $126 billion in payments in the past year.
June 26, 2024
8 Articles