22 October 2017

CommBank data shows shift away from branch transactions traditionally used by older Australians

19 September 2017  |  3012 views  |  0 Source: CBA

Commonwealth Bank data shows older Australians are increasingly using technology to manage their finances, with strong ATM usage and a big uplift in online banking.

Older Australians continue to embrace banking technology, with CommBank data showing 50 per cent customers over the age of 65 use ATMs.

In addition, one in four customers over 65 is now banking digitally through NetBank and CommBank app - a 41 per cent increase over the last two years.

Commonwealth Bank General Manager Retail Sales Strategy and Projects Anna Mankiewicz says this research indicates a clear . That’s despite industry research showing age is still a key factor in people’s ability to use and keep up with technology.

“What we find in our everyday interactions with older customers is that, when it comes to keeping up with the fast evolution of technology, it is confidence they lack, and not capacity.

“This is a testament to the support our branch teams provide to older customers in using banking technology, as well as the work we do partnering with industry peers and government departments to provide that confidence and knowledge they need,” Ms Mankiewicz says.

CommBank has partnered with NSW Government and Telstra to develop an online banking module for their Tech Savvy Seniors program. The “Introduction to Online Banking” module teaches seniors how to navigate online banking screens, view statements, transfer money between accounts, and complete other common banking tasks.

“Australia’s population is ageing. Currently, around 15 per cent of our customers are older than 65, so ensuring they get the right customer experience using any of our banking channels is incredibly important.”

“As one of Australia’s largest customer facing institutions with a big branch network, our teams have a role to play in guiding and supporting older consumers to keep up with technology, so they can maintain their independence when managing their finances and have the ability to bank with us when it is convenient for them, not just during branch operating hours,” Ms Mankiewicz says.

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