Australia Personal Financial Implications of Coronavirus: Banking and Payment Habits
COVID-19 Effect: Australians Increasingly Self-sufficient with Banking and Payments, Receptive to Digital Channels
- More than one-quarter (27%) of Australians say they will use branches less often even when in-person interactions are safe, up from 20% two months ago.
- One-third (33%) of Australians use mobile and online tools to do more of their banking, up from 30% two months ago.
- Almost one-third (31%) say they are avoiding cash due to fear it may spread the virus and 23% are using ATMs less often to also avoid spreading the virus.
- 38% of Australians are using contactless credit cards to make purchases in store more often and 24% are using mobile payments (Apple Pay, Samsung Pay, etc) more often.
- More than one-fifth (21%) are very likely to select an online bank without branches for their next every day or savings account.
- After the pandemic is over, 6% of Australians plan to switch banks to one that has better mobile capabilities.
As COVID-19 cases surge in Victoria and N.S.W. and social distancing is set to remain for the foreseeable future, the pandemic is affecting how Australians carry out their banking and payments, adapting behaviour to limit in-person interactions.
To gain a deeper understanding of Australians’ changing banking and payments habits and how these have developed as the pandemic progresses, J.D. Power has conducted a pulse survey of 1,957 Australian adults. Following are the key findings.