Mobile banking has been successful in creating enhanced financial awareness among 64% of people in New Zealand, according to a report ‘The Westpac NZ Mobile Banking Report’.
The online survey, which asked 843 Westpac customers about their views, habits and opinions on mobile banking, found that the rate at which New Zealanders have adopted mobile banking is seven times faster than online banking.
Of the total customers surveyed, 41% believed that mobile banking will lead the banking sector in next three years, while 66% said it will continue for five years.
Around 94% consumers use mobile banking for checking balances, 83% for transfer funds, 68% for looking at previous transactions, 64% for paying bills and 48% to pay friends.
Westpac retail bank general manager Ian Blair said using mobile devices, Kiwis are checking in on various aspects of their finances a lot more regularly and are getting real benefits from doing so.
In terms of usage, over 25% use mobile devices one or two times per day, while 38% use it two or three times per week to perform banking operations.
Blair said that without a doubt, the uptake of mobile and, more broadly speaking, digital technology, is rewriting some of the rules for banking just as it has for other businesses.
"Customers want to do more and also have more control, particularly over the transactional side of banking, and this report highlights the very real benefits consumers feel they are getting as a result," Blair added.