10 CommBank statistics that prove our addiction to online banking
$4.6 billion of app transactions each week. Yes, really.
Commonwealth Bank announced its full-year results yesterday, posting a tidy $9,227 million in profit. However, what jumped out at me from the announcement was the wealth of information confirming that the future of banking is digital, not in branches. Here are 10 of them.
- In the last six months, there were 840 million logins to online banking. That figure has grown by 41% over the last two years.
- 75% of those logins were from mobile devices. So while the desktop remains important, the future is all on your phone (which helps explain why CommBank is amongst the banks fighting with Apple over Apple Pay).
- More proof on that point: there are 24 million log-ons for the CommBank mobile app each week, with a weekly total dollar value of $4.6 billion.
- Online banking transactions over the last financial year totalled 606 million, much higher than in-branch transactions (59 million) or ATM transactions (261 million). As we've noted before, ATM usage is in decline across all banks.
- The one area that was bigger than online banking was point of sale transactions, which includes credit cards and EFTPOS, and totalled $1,676 million over the financial year. However, it's fair to assume that a good proportion of those were for online shopping.
- Measured by number, online banking accounted for 23% of total transactions for the financial year. Measured by dollar value, that figure jumps to 52%.
- Over the last six months, there were a total of 309 million BPAY and transfer transactions online.
- 63% of customers now get their statements online rather than having them mailed. (With Australia Post's current performance, you know it makes sense.)
- Cardless cash remains popular, with a total of 8.5 million transactions since its launch two years ago. (Again, I wish CommBank would stop scheduling outages for it on Friday nights.)
- Australia's addiction to tap-and-pay is also evident, with 2.7 million transactions each quarter for CommBank customers.
The moral of the story? With luck, you'll never need to go into a bank branch again.
Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more. It appears Monday through Friday on finder.com.au.
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What would happen if CommBank stopped scheduling outages on Friday nights and there was a problem with the maintenance/upgrade?
The backout would potentially impact customers during core business hours which would lead to far more irate customers than a few on the odd Friday night!