A recent study has found that Australia’s banks are among the world’s most effective at acquiring new customers online and via apps. The findings are based on software company Avoka’s review of digital account opening capabilities at the 32 largest banks across North America, Europe and Australia.
Some 49% of Australian personal banking products can be applied for on a mobile device, up from 37% in 2016. In Europe, 43% of retail services have been digitised, up from 27% the year before. North American banks have made less progress; in 2017, digitisation of services came in at 39% while in 2016, the figure was 28%.
Banks have prioritised digital sales of retail over private and business banking. The report found that less than a quarter of wealth management products have apps, while only 9% of small business loans and accounts can be opened from a mobile phone.
