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Bank On It – Customer Trends 2023

Home Bank On It – Customer Trends 2023

A new report has revealed the extent of the digital revolution underway in Australian banking, with 98.9% of transactions now taking place digitally and cash being used for just 13% of payments (down from 70% in 2007). 

To get a clear picture of the transformation underway in Australian banking, the ABA has partnered with Accenture to produce the Bank on it – customer trends 2023 report.  

The data shows that customers are digitising their wallets, with the value of mobile wallet transactions reaching $93 billion in 2022, up from $746 million in 2018 – a 124-fold increase. Over 15.3 million cards were registered to mobile wallets in 2022, up from just over two million cards in 2018.    

Banks are responding to customer’s growing preference for digital banking with an eight-fold increase in technology investment since 2005, up from $3.5 billion to $28.5 billion. 

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Many customers have found the accessibility and the 24/7 availability of digital banking a very convenient way to bank. Customers are now undertaking 98.9 per cent of all bank transactions digitally.
Australians are not just leaving their wallets at home, they are digitising them. The popularity of mobile wallet transactions has sky-rocketed from $746 million in 2018 to more than $93 billion in 2022, while the number of cards that were registered to mobile wallets rose from just over 2 million to 15.3 million over the same period.