Online banking explodes as cash use declines | Bega District News

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Bank branches are a thing of the past, with more than four in five Australians preferring to pay their bills and transfer money online. Buyers also prefer online banking and digital wallets on their smartphones over physical cards or cash, according to an analysis by the Australian Banking Association. More than a third of people with smartphones use their devices to pay at the counter, and one in 10 Australians regularly leave their home without their physical wallet. ATM cash withdrawals continued to decline, dropping an additional 20% in the year through August 2021 after dropping the previous year. ABA chief executive Anna Bligh said banks are shifting their investments towards online platforms and applications as the use of physical branches declines. “It is not surprising to see banks investing in areas where customers prefer to bank,” she said. But there will always be face-to-face options with about one in five customers still preferring to bank at branches. Eighty banks and financial institutions provide services in 3,500 post offices across Australia, about half of which are in rural and remote areas. Associated Australian Press

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