Retirement
‘Invisible’ experiences see hike in demand as Aussies reject bank branches, offices
Retirement
‘Invisible’ experiences see hike in demand as Aussies reject bank branches, offices
Australian investors are increasingly demanding that their financial institutions provide experiences, which means they never have to set foot in a branch or office to be a customer.
‘Invisible’ experiences see hike in demand as Aussies reject bank branches, offices
Australian investors are increasingly demanding that their financial institutions provide experiences, which means they never have to set foot in a branch or office to be a customer.
The digital economy has radically transformed how Australians interact with their finances. The cash economy is on the decline, and fintech payment systems are posing a major challenge to traditional payment platforms.
Now, the nation’s largest institutions are capitalising on the demand for “invisible” experiences.
Westpac is investing resources in creating invisible experiences, off the back of customer demand.
“Financial services are being increasingly being embedded into sort of digital experiences separate from the financial services itself. And we see that development of invisible finance right across the financial spectrum,” said chief development officer Macgregor Duncan.
Mr Duncan said there were obvious examples of apps like Uber, where payment was embedded seamlessly into the app, and that is what customers wanted.
“Increasingly, customers don’t want to have to go to branch; they don’t want to have to go to the mobile app. They just want banking to happen seamlessly and invisibly,” he said.
Managing a legacy
While younger generations are on board with the invisible experience, older customers remain attached to the bank branches, Mr Duncan said.
“How to solve that tension is to have a suite of options at your disposal to ensure that the bank is covering both today’s customer and what tomorrow’s customers might want.
“The future’s not always linear and we can take different paths, which is why we partner with people outside the bank – with founders and entrepreneur who are dynamic, focused and sort of rethinking how financial services can work,” he said.
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more