Majority of Kiwis believe mobiles will be the main way of banking in five years: Westpac report

What’s more, 64 per cent of Kiwis using a mobile device for banking think it has created better awareness of their financial situation, and over half feel more in control of their finances.

Over half the population of New Zealandears are currently using their mobile devices for banking. Of these, 66 per cent believe mobile will be the main way of banking in five years, while 41 per cent think it could happen in three.

What’s more, 64 per cent of Kiwis using a mobile device for banking think it has created better awareness of their financial situation, and over half feel more in control of their finances.

These are some of the findings of the recently released Westpac NZ Mobile Banking Report.

The report found that over half of those using mobile devices for banking services would like to use them for contactless payment situations such as receiving cash from an ATM and 44 per cent want to be able to top up mortgages, roll over term deposits and increase credit card limits.

Security remained the main concern for those who had not yet started using mobile devices for banking.

Westpac’s GM retail bank, Ian Blair, said that with consumers adopting mobile technology at a phenomenal rate it was vital to understand the changing needs and behaviours that were being created.

“Without a doubt, the uptake of mobile and, more broadly speaking, digital technology, is rewriting some of the rules for banking just as it has for other businesses.

“Using mobile devices, Kiwis are checking in on various aspects of their finances a lot more regularly and are getting real benefits from doing so. They also clearly want to do more and it’s an exciting time and a challenge we are fully embracing,” said Blair

The report also found that amongst people mobile banking, more than 25 per cent were doing it one or two times a day and 38 per cent were using it at least two or three times per week. The top five activities are to check on balances (94 per cent), transfer funds (83 per cent), look at previous transactions (68 per cent), pay bills (64 per cent) and to pay friends (48 per cent).

Read more: Westpac’s new central banking system to go live in September

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