Australians would rather delete their social media apps than their banking app

Australians would rather delete their social media apps than their banking app

New research from CommBank has revealed 66% of Australians say they can’t live without their banking apps, while only 55% feel this way about their social media apps.

The research looked at the ways in which Australians currently use their banking app and the methods they use to manage their finances, with half of those aged between 18 and 34 (51%) preferring to use their banking app to manage and budget their money, rather than other methods.

CommBank Executive General Manager Digital Operations Technology Fredrik Lindstrom, said, “With the cost of living placing increasing pressure on Australians, we know our customers are looking for ways to keep track of their saving and spending, and to manage their finances more conveniently, in one place.“We’re hearing that Australians are using their banking app more regularly than many other apps, or that they couldn’t live without their banking app. In response to this, we’re investing in building out distinct features in the CommBank app that will help our customers manage their money more easily.

The research found that over half of respondents (56 per cent) say ‘non-core’ banking features such as bill prediction, spend tracker and categorisation make it easier for them to manage their money. Furthermore, 1 in 2 Australians (50 per cent) would prefer to have one financial management tool to house all of these features.

More interestingly, the research shows that if ‘non-core’ features were available in their current banking app, respondents would be more likely to use them, including managing bills (68 per cent), viewing all financial accounts in one place (62 per cent), spend tracking (60 per cent), setting savings goals (57 per cent), budgeting (54 per cent) and even investing in shares (48 per cent).