News: research reveals older Australians prefer online banking

St.George Bank is calling on seniors to drop by their local NSW branch this week for a cup of tea, a chat, and tips on how to get tech savvy with internet banking.

The initiative is supported by recent research from St.George which reveals the majority of Australians over the age of 50 prefer to do their banking online.

Ross Miller, General Manager of St.George Retail Bank, said NSW Seniors Week is a great opportunity to celebrate with older customers and offer support, such as helping them improve their digital banking capabilities.

“We know the needs and life stages of our older customers are changing and we’re interested in talking to them in person about how we can help.

“Our research shows 50% of older Australians prefer to bank online compared with 43% who like to visit a branch. With a growing number of people embracing internet banking, St.George is encouraging seniors and their families to come into a branch for a chat and tips on how to bank online safely and securely,” said Ross

Respondents to the research listed their most important priority when choosing a bank as the savings account interest rate, followed by mortgage rates, then service offering, then having a local branch close by. Furthermore, 43% of respondents have not changed banks for more than 10 years, and 18% have never changed banks.

“It’s interesting to see such a large number of respondents have not changed banks in some time. Just as you would regularly review your phone or electricity providers, I recommend you do a financial health check with your bank to ensure you’re happy with the service provided.

 

“The theme for Seniors Week is Let’s Do More Together – St.George wants to do more with our older customers and their families so they feel connected and supported by their bank,” Ross added.

Key findings

  • 50% of respondents prefer to bank online compared to 43% in a branch, 6% via the phone, and 1% on mobile.
  • The most important priority when choosing their bank is the savings account interest rate, followed by mortgage rates, then service offering, then having a local branch close by.
  • 43% of respondents last changed banks more than 10 years ago.
  • 18% have never changed banks.
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