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Is St. George Bank really getting rid of online banking?

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22 May 2014

Comments

  • The headline, “St George Bank to ‘decommission’ online banking for mobile,” caught our attention as well! We are seeing strong growth in the mobile only and/or mobile first consumer – that group of consumers who have never or will never use online banking but rather rely totally on their mobile devices for banking transactions. For example, just amongst our customer base in the past year, we’ve seen growth from 12% to 19% using only their mobile devices for banking. We expect that number to continue to climb. That said, we’re also seeing deeper engagement and possible revenue opportunities with consumers who use online and mobile for banking. Our research shows that those consumers who use online and mobile for banking access their financial information 66 percent more frequently than online non-mobile users, providing additional opportunities to cross-sell.
    We agree with your view that what matters most to consumers is that they can pick the device or channel of choice and have it work, regardless of what's making it work in the background. In fact, we think many consumers will use different devices and channels to do their banking at different times and what will be important in those cases is that their data is updated real-time and that all channels are aware of what the user has previously done in any of those channels.

    [commented edited by moderator]