Customers of Australia’s largest bank by assets, NAB (National Australia Bank), are expected to make more transactions though online banking and apps than they do in branch by May says Adam Bennett, NAB’s executive general manager.
At a Committee for Economic Development Australia event in Sydney Bennett said: "Our customers will be transacting more and more by bumping, waving, tapping and swiping their smartphones in a future where cash could become the exception and not the norm."
Bennett added: "If you look at it through the lens of interactions, digital is already on top because some people will look at their bank balance three or four times a day."
Despite predicting the decline of cash, Bennett maintained there would always be a place for branches as customers still some times wanted expert advice face-to-face.
Earlier this month NAB launched Money Tracker, an online personal financial management tool (PFM) designed to make it easier for customers to manage their money.