For Release: 4 October 2012
No cash, no worries your fingerprint will do, new survey reveals
Seventy-nine per cent of Australians said they would be
comfortable with fingerprint technology one day replacing
their banking PIN and more than one third of Australians
would prefer to live in a cashless world according to a new
survey released today.1
The Newspoll survey commissioned by ANZ also found Baby
Boomers are giving younger generations a run for their money,
with nearly three quarters of those aged 50-64 more likely to
use digital technology over a bank branch for day-to-day
banking transactions.
Australians have adopted digital habits for most of their
banking needs and will increasingly look to technology to
make their financial lives easier in the future, with the
survey finding:
• Not surprisingly 88 per cent of people aged 18 - 34 prefer to use digital technology over a bank branch for day-to-day transactions but their Mums and Dads weren't far behind at 75 per cent;
• 38 per cent of Australians would prefer to live in a world where they didn't need to
carry cash;
• 40 per cent of people even accepted the idea of one day outsourcing their finances to a digital personal assistant - an intelligent computer program which makes financial decisions and moves money between accounts on your behalf;
• 49 per cent of 18 -34 year olds like the idea of a digital personal assistant but
with only 30 per cent of Baby Boomers indicating they would be likely to use the technology;
• 67 per cent of Australians would be comfortable using a machine that scans your eye to verify identification in place of a pin; and
• 73 per cent of people find it inconvenient when small businesses don't accept cards and only cash, with 82 per cent of 18-34 year olds finding cash only policies the most frustrating.
The comprehensive survey reveals that while we are embracing
many aspects of new technology, Australians still want
face-to-face interaction for life's "big ticket" items. More
than twice as many Australians said they would prefer to
apply for a loan (62 per cent) or get mortgage advice (64 per
cent) in a bank branch than by using digital technology.
Futurist Ross Dawson said the survey shows Australians are
willing to lead the way in the uptake of this kind of
technology but it will be up to the banks to respond.
"Cash could be on the way out and it's realistic to imagine a
world in which we carry no notes or coins, or even credit or
debit cards," Mr Dawson said.
"Before long we may use our fingerprints or even retina scans
to make payments. Australians have shown they are comfortable
with biometric identification, because it combines
convenience with security.
Australia and New Zealand Banking Group Limited ABN 11 005 357 522
"As banks make it easier to make and receive payments through
devices such as smart phones, a new wave of entrepreneurs and
jobs will be enabled. Pop-up stores will tap fleeting fashion
trends and revitalise main streets, personal services will be
available wherever is most convenient to consumers, and great
ideas will garner contributions.
"We have already learned to tell our smart phones what we
want with technologies like Apple's Siri, so it may not be
that long before we are relying on a personal digital
assistant like Siri to help us with banking transactions such
as moving funds or making payments, and even potentially
choosing investments on our behalf," Mr Dawson said.
ANZ Chief Executive Officer Australia Philip Chronican said
the results underlined why banks need to move with the times
and keep up with how Australians want banking services to
interact with their lives.
"We know our customers prefer to do their day-to-day
transactions in their own time either online or by using
mobile devices so our task is to respond to this change by
embracing the online and digital challenge and enable our
customers to bank with us on their terms," Mr Chronican
said.
"Over the next five years, we will direct $1.5 billion to
reshape the way we do business in Australia by investing in
new digital technology, our people and our branches to make
it easier for Australians to bank with ANZ," Mr Chronican
said.
As part of ANZ's five year 'Banking on Australia' program,
new initiatives for customers include:
Android devices.
Next Generation ATM: Introduction of 800 'next generation' ATMs, allowing 24-hour access to many traditional teller services including immediate credit when depositing notes, coins and cheques. Video conferencing in branches: First Australian bank to conduct a major roll-out of the latest videoconferencing technology within 43 remote branches, giving regional customers greater access to specialist advice. Branch refurbishment: Major five-year refurbishment program of its branches with 46 expected to be completed by the end of 2012. ANZ Transactive for Mobile: ANZ Transactive is ANZ's online cash management platform that enables corporate clients of all sizes, in any industry to simplify and connect their transaction banking.For media enquiries contact: Sarah Fragapane
Haystac Public Affairs
Tel: +61 3 9693 2276 or +61 432 425 645
Email: sarah.fragapane@haystac.com.au
Ingrid Nugent
Media Relations Advisor
Tel: 03 8654 3635 or 0421 430 201
Email: ingrid.nugent@anz.com
1 Newspoll Market & Social Research conducted an independent telephone survey of 1,211 Australians, 18 years of age and older, across all states and territories in August 2012. Data was collected in line with ISO 20252 - Market, Social and Opinion Research and has been weighted with current ABS population demographics to ensure any extrapolation of results is representative of age, sex and area.
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