Results from a new study by NCR Corp., Banking in Australia and New Zealand: At a digital crossroads, reinforces the need for organizations to provide consumers with greater choice as to when and how they interact with brands and make purchases, particularly among younger audiences.
“To remain competitive and succeed in this highly digital economy, organizations must be able to match the expectations of consumers … or risk losing out,” Craig Jennings, managing director of financial services for NCR Australia, said in a press release. “Millennials will consider switching to another financial institution or neobanks if it makes their lives easier and gives them the experience they want.”
The research suggests that consumers will continue to use cash in tandem with digital payment solutions. An average of 66 percent of consumers across all age groups are withdrawing cash from ATMs at least once a month, and more than half (51 percent) are logging into their mobile banking apps every week.
The report also showed that consumers are loyal to their existing financial institutions due to convenience and user-friendly experience and two-thirds are sticking with their current bank.
As shown below, loyalty was strongest among the youngest adults:
- Gen Z — 70 percent
- Millennials — 62 percent
- Gen X — 64 percent
NCR released the GlobalData research to coincide with the launch of the company’s new Australian headquarters in Chatswood, New South Wales. The state-of-the-art facilities include a customer experience center that showcases the latest technologies in software and hardware solutions for consumer financial services and transactions.
“Banking in Australia and New Zealand: At a digital crossroads” was conducted by GlobalData on behalf of NCR Australia; it polled 5,000 respondents in Australia and 2,000 in New Zealand.
- Gen Z, after 1996
- Gen Y (millennials), 1982–1996
- Gen X, 1961–1981
- baby boomer, 1946–1960
- elderly, pre-1946