Borrow
Are bank branches becoming a thing of the past?
Banking may never be the same post-pandemic, with a new survey showing Australians have made some pretty drastic changes to the way they use and move money.

Are bank branches becoming a thing of the past?
Banking may never be the same post-pandemic, with a new survey showing Australians have made some pretty drastic changes to the way they use and move money.

To measure just how much banking and payment habits have changed, JD Power conducted a survey of nearly 2,000 adults, which found a growing number of Australians are “self-sufficient” when it comes to banking and payments, as well as being more receptive to digital channels.
More than one-quarter (27 per cent) of respondents indicated in the survey that they would use bank branches less often – even when in-person interactions are safe.
A previous survey that asked the same question two months prior had seen just one-fifth of respondents answer the same way.
For JD Power Australia’s head of banking and payments intelligence, Bronwyn Gill, the data shows that “Australians are increasingly receptive to mobile and online banking compared with at the start of the pandemic”.
The move away from physical bank branches makes sense – almost one-third of respondents revealed they are avoiding cash at the present time due to the fear it may spread the virus.
Another 24 per cent also stated they are using ATMs less often to avoid contamination.
“As social distancing continues, there has been an increase in first-time mobile and online users, and greater frequency of use,” Ms Gill observed.
So, how are Australians paying for goods and services?
Debit cards are the most favoured payment method at the present time, with 58 per cent of respondents reporting that they had used such a card for in-store purchases in the last week.
Credit cards are coming in second place – 40 per cent of respondents have also pulled out this type of plastic.
Newer payment methods are also proving more popular – 21 per cent of those surveyed had used a mobile phone or smartwatch for in-store purchases, while 16 per cent had paid for a transaction using a buy now, pay later service.
Surprisingly, and despite a number of stores discouraging or refusing cash payments to protect customers and stuff from COVID-19, a number of Australians are still using loose change – 36 per cent of the survey participants revealed they had paid for an item using physical tender in the past week.
About the author

About the author


Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more

Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more

Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more

Banking
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group. ...Read more

Banking
How sneaky fees could be costing you hundreds
As many as a quarter of Australians are being stung with unknown, unfair or incorrect banking fees, with the costs adding up during the COVID-19 pandemic, an expert has revealed. ...Read more

Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more

Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more

Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more

Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more

Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more

Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more

Banking
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group. ...Read more

Banking
How sneaky fees could be costing you hundreds
As many as a quarter of Australians are being stung with unknown, unfair or incorrect banking fees, with the costs adding up during the COVID-19 pandemic, an expert has revealed. ...Read more

Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more

Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more

Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more