Australian banks retain digital leadership
Australian banks continue to excel in digital account opening capabilities compared to their North American and European counterparts, according to the third annual Avoka Digital Sales Report that assessed the 50 largest banks in these regions.
The study analysed the breadth of offer and ease of use of the online platforms, with 11 Australian banks evaluated in the report.
Every region showed noticeable progress in the digital business banking sector, with worldwide increases of 300 per cent for online sales readiness, reflecting the growing importance of improving customer experience.
Chief executive of Avoka, Phil Copeland, said the report showed that banks have accepted that online account opening is a “must have”, and the focus is now on whether the largest banks could transform their entire customer engagement across all product lines.
“Australian banks have led their global counterparts in offering digital sales in the past three years we have conducted this study, and the leadership continued in 2018,” said Copeland. “For personal banking, nearly every flagship product ranks high in quality of experience.”
Copeland said while Australia was leading, the other regions were catching up.
AUTHOR
Anastasia Santoreneos
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
