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Women lead digital banking revolution

Women lead digital banking revolution

New research has found that many Australians now pay their bills with a few taps of the finger as banks beef up their mobile and digital-banking offerings.

New research from RateCity.com.au shows nearly 75 per cent of Aussies are going online to pay bills while about 1 in 10 use mobile technology such as a smartphone app. By comparison, just 4 per cent of people use phone banking services.

Peter Arnold, data insights director at RateCity.com.au, said internet banking has advanced in recent years and consumers shouldn’t be worried about using it.

“The banks have invested millions of dollars developing their online and mobile technology to capture a growing market of Aussies who love to shop and pay online,” he said.

“Nearly three-quarters of Australians are using online banking to pay bills, while 1 in 10 pay with new mobile-based technologies, making us among the world’s fastest adopters in this space.

“Two of the biggest developments we’ve seen in recent years are the banks ramping up their online security and enhancing the user experience with clever tools that make paying online or on a smartphone easier, faster and safer.

“Some generations – particularly older Aussies – are still nervous about paying their bills using technology and many are opting for paying in person at the post office or branch.”

The research shows that women are leading the digital charge, with 16 per cent choosing mobile payments as their first preference compared with just 5 per cent of men.

“Women are three times as likely to use mobile technology to pay bills as men are, while men are slightly more likely to pay in person at a branch or post office,” he said.

“While some men might think they are early adopters, when it comes to the practical and time-saving use of technology our research suggests otherwise.

“Whether it’s influenced by lifestyle, nature, or something else entirely, we’re seeing more women move to mobile bill payments than men. This supports previous studies that suggest women use technology for what it can do rather than just for the fun of it. Men, on the other hand, love technology but often use it in a gimmicky or recreational way.”

[Related: Property Council partners with ovarian cancer charity]

Women lead digital banking revolution
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