Australia Leads The Way When It Comes To Digital Banking

Post by Sharat on January 21, 2018 · Under banking · Comments Off on Australia Leads The Way When It Comes To Digital Banking 

When it comes to cashless banking in Australia, Sydney and Canberra lead the way according to a report by card company Visa. The report recognises both cities as being digital leaders in large part as a result of Australia’s advanced digital banking payments system. Aussies are already very accustomed to online banking and there are a large number that make use of the system.

100 cities were looked at

The report looked at more than 100 cities around the world and analysed their development in terms of cashless payments and banking. The report showed that 18 cities spread across Asia, Europe and the United States were deemed to be “digitally advanced”. Cities in Africa and Latin America still have a long way ago when it comes to digital banking the report concluded.

Digital banking saves time

The driving force behind adoption of digital banking is the general lack of time. On average consumers spend roughly 6.4 hours a year withdrawing cash from an ATM and 7.3 hours paying visits to banks. A massive 12 hours a year was spent paying off bills in person. Cities which are not digitally advanced could save as much as 8 hours a year or a total of $12 billion in time savings if they become more digitally mature.

Wallets are no longer necessary

Another factor to consider according to the report is for the potential to reduce the crime rate. On average $5.8 billion a year is lost across the 100 cities that were looked at as a result of cash-related crimes. Banking in Australia has come a long way, migrating from cash to credit cards and a huge surge in online banking. It can be concluded that the wallet may no longer be an essential item.

Banks developing tech

There are plenty of ways to pay and bank digitally. Beem is an instant payment app that has been adopted by CBA, NAB and Westpac. The latter has developed PayWear that allows users to make contactless payments by simply flicking their wrists and Ubank has developed Robochat which is a chatbot that provides its customers with the assistance they need to better manage their money.

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