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Online banking is a good example of how the internet is changing customer interaction with financial service providers. According to the latest Roy Morgan September 2011 data, online banking has experienced solid growth over the last ten years (up 33.1% to 45.1%), at the expense of all other methods of interacting with a bank, such as branch visits (down 9.6% to 52.3%) and phone banking (down 16.6% to 23.7%).

The ATM remains the most frequently used banking channel with 67% of New Zealanders (14+) having used a machine in the last four week period, although this method has trended down over the last five years. In Australia, internet banking (45.8%) has now overtaken branch visitation (44.1%).

The implication of this change for financial institutions and their customers is that the lack of personal interaction involved in online banking may lead to a weakening of traditional relationships and loyalty, making it easier for people to switch banks or split their banking across a number of institutions.

Major Banking Channels Used in the Last 4 Weeks

Source: Roy Morgan Research, Oct 10 — Sep 11 n = 12,015.

Pip Elliott, Client Services Director, Roy Morgan Research, says:

“The increase in Internet usage and accessibility is moving bank customers away from the more traditional banking channels. With consumers having 24 hour access to online banking from their computers, mobile phones and other wireless devices, combined with our general move towards an ‘online lifestyle’, the trend looks set to continue.

“The Internet allows consumers to let their fingertips do the walking and saves time travelling to the bank, parking, queues and other hassles involved. The convenience of having finances available at the click of a button allows consumers flexibility.”

The Roy Morgan State of the Nation Report 3 provides a ten-year long term perspective on New Zealand Society based on over 115,000 interviews conducted over nearly a decade between January 2001 and September 2011. A decade ago, Roy Morgan Research, and many others, anticipated that people in the developed world would face an increasingly complex social environment that would change both the level of demand for its products and services, and the climate of support for those products and services. In this Roy Morgan State of the Nation Report, we have measured all of these issues and more - plotted them over time - and explored in more detail how they have played out, in terms of Society, Technology, Economy, Politics, and Environment.

To view or purchase Roy Morgan’s Early Adopter Profiles, click here. These profiles provide an in-depth look at New Zealanders who consider themselves one of the first to be aware of the latest financial products.

Please click on this link to the Roy Morgan Online Store.

For comments or further detail, please contact:

Pip Elliott, Client Services Director

Email: Pip.Elliott@roymorgan.com

Telephone: (09) 969 6950; Mobile: 021 444 506

Margin of Error

The following table gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size	Percentage Estimate
	40%-60%	25% or 75%	10% or 90%	5% or 95%
5,000	±1.4	±1.2	±0.8	±0.6
7,500	±1.1	±1.0	±0.7	±0.5
10,000	±1.0	±0.9	±0.6	±0.4
25,000	±0.6	±0.5	±0.4	±0.3

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