New research from Commonwealth Bank (CBA) has revealed 66 per cent of Australians say they can’t live without their banking apps, while only 55 per cent feel this way about their social media apps.
The research looked at the ways in which Australians currently use their banking app and the methods they use to manage their finances, with half of those aged between 18 and 34 (51 per cent) preferring to use their banking app to manage and budget their money, rather than other methods.
CBA Executive General Manager Digital Operations Technology Fredrik Lindstrom, said: “With the cost of living placing increasing pressure on Australians, we know our customers are looking for ways to keep track of their saving and spending, and to manage their finances more conveniently, in one place.
“We’re hearing that Australians are using their banking app more regularly than many other apps, or that they couldn’t live without their banking app. In response to this, we’re investing in building out distinct features in the CommBank app that will help our customers manage their money more easily.
“We’re excited to launch Money Plan, a new money management ecosystem that allows our customers to manage all their finances in one convenient, and easy to navigate place within the CommBank app. Money Plan brings together our existing smarter banking tools into a central hub to make the app money management experience more seamless and help our customers manage their money more holistically.”
Demand for offerings like Money Plan is apparent in the research, which found that over half of respondents (56 per cent) say ‘non-core’ banking features such as bill prediction, spend tracker and categorisation make it easier for them to manage their money. Furthermore, 1 in 2 Australians (50 per cent) would prefer to have one financial management tool to house all of these features.
More interestingly, the research shows that if ‘non-core’ features were available in their current banking app, respondents would be more likely to use them, including managing bills (68 per cent), viewing all financial accounts in one place (62 per cent), spend tracking (60 per cent), setting savings goals (57 per cent), budgeting (54 per cent) and even investing in shares (48 per cent).
Money Plan helps customers track their money across two key categories: spending and saving. Housed within the CommBank app, it migrates all of the current digital tools such as Bill Sense, Goal Tracker, Category Budgets and Cash Flow View into one central hub, giving Australians a complete view of their financial accounts and position. Money Plan gives customers insights at a glance, with the ability to click into each tool for a more comprehensive understanding of their financial situation.
Detailed findings of Australians surveyed:
- More Australians can’t live without their banking apps than social media apps (66 per cent vs 55 per cent)
- Half of Australians (50 per cent) would prefer to have a single app for financial management tools (e.g. spending, savings, budgeting, payments, etc.)
- Half of Australians aged 18-34 prefer to manage or budget their money using a banking app (51 per cent).
- Over half (56 per cent) of Australians say a “non-core” banking feature such as bill prediction, spend tracker or bucketing makes it easier for them to manage their money.
- Australians aged 25-34 are more likely than all other age groups to have used their banking app to help save for a significant purchase (46 per cent vs 20 per cent)
- Among those who have used their banking app to help save for a significant purchase, the top three purposes are for travel (58 per cent), a house deposit (42 per cent) and technology (30 per cent).
- Two in three young Australians (18-34) don’t feel secure about their financial situation (64 per cent), and over half of young Australians (18-34) don’t feel in control of their finances (56 per cent).
- Women are more likely than men to use app features such as spend tracking (64 per cent women vs. 57 per cent men), setting a savings goal (61 per cent women vs. 52 per cent men) and budgeting (58 per cent women vs 49 per cent men).
- Half of Australians aged 18-34 (53 per cent) say they’re more likely to invest in shares if it were a feature available to them in their banking app.
This study was conducted online by House of Brand during April 2022 using a nationally representative sample of 1,072 people across Australia aged 18+. Age, gender and region quotas were applied to the sample to reflect the latest ABS population estimates.
Disclaimer: This media release contains general information and does not take into account your objectives, financial situation or needs. Seek financial advice based upon your own circumstances before making any financial decisions.