Australians Increasingly Using Tablets And Smartphones For Banking

Australians Increasingly Using Tablets And Smartphones For Banking

Over the next half decade, Australians will increasingly prefer to do online banking using their tablets and smartphones as opposed to the traditional PC says Jason Yetton wh runs retail and business banking for Westpac.

Recently the lender revealed it had processed $3 billion of transactions made by its 270,000 iPad app users since the lender rolled out the app less than a year ago. Mr. Yetton added that the desktop computer still dominates followed by the smartphone, the number of tablet transactions is catching up.

Westpac processes $9 billion in online transactions each week with $8 billion done on a traditional PC and the balance through mobile devices.

“About 58?per cent of our customers use a mobile or a tablet device to [bank online].The desktop gets utilised well throughout the day but particularly at lunch times. We find people use their smartphones on the way to work between 6am to 8am or 6pm to 8pm?.?.?. while the iPad is more of a household device that gets utilised from 8-10pm when people are at home .” Mr. Yetton said

Westpac expects mobile devices would match PC’s by 2017 and would eventually overtake soon after. One major reason behind the shift is that many businesses are migrating employees onto tablets and laptops.

Westpac will offer its mobile customers the ability to communicate with banking specialists in products such as superannuation and homes loans through video conferencing.

“I can certainly see a world five years out where mobile is the dominant platform,” he said.

Banks are starting to worry about technology firms competing for business as the demand for mobile banking solutions rises. Ian Narev, chief executive of CBA recently sais he was worried by the threat of Google Apple and Samsung using their technology expertise to become rivals.