Australian generational banking report

83% of Australian adults prefer in-person banking experiences

Commissioned by UserTesting and conducted by OnePoll, the study also revealed that when it comes to finances and banking, people across all generations prefer a human touch—83% of Australians said they prefer using a traditional bank for their financial needs.

A fifth said they strictly use traditional banks, ditching digital-only completely— including 29% of baby boomers and 27% of the silent generation. In comparison, only 14% overall said they rather use a digital bank with no physical presence, and 62% said they use both traditional and digital banks.

People who prefer traditional banks said they like speaking with a human (44%), and 39% like having a physical place to go. 

“We’re seeing a strange dichotomy in banking unfolding in front of us,” said Dana Bishop, VP of Experience Research Strategy at UserTesting. “We know physical banking branches are closing in droves, yet the data here support that consumers, especially in younger generations, crave the benefits that traditional banks provide. Digital banking platforms should consider this when implementing new services to meet these more human-oriented banking needs.”

While many said they prefer traditional banks, 45% said they still trust digital wallets and mobile banking apps – most popular amongst younger generations (53% of Gen Z and 52% of millennials) and least popular for baby boomers (36%).

Only three in 10 prefer to conduct a money transfer as the most popular way of sending money back and forth, and 72% transfer money up to four times per month. Only 21% admitted they’re more likely to spend frivolously using digital payment options.

73% of Australian digital bank users wished their banks offered some of the perks traditional banks already have—31% of them wish digital banks offered the ability to talk to humans for customer support, and 26% wish their banks had physical ATMs or waived ATM fees.

Out of all the respondents surveyed, the silent generation prefers to talk to humans the most (60%), compared to the baby boomers (46%) and millennials (42%), with Gen Z being the least interested in speaking with humans (29%).

“In reality, there’s still an open space for hybrid institutions to exist,” continued Bishop. “Both digital and traditional banking platforms have their exclusive benefits, but there is a clear want and need for institutions to exist in both physical and digital worlds, providing the shared perks either can offer.”

Hear first-hand what participants had to say.

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