CommBank remains king of banking apps despite millennial preference for neobanks

New data has revealed that Gen Z prefers the security of big banks, while Millennials opt for neobanks as their banking and budgeting apps of choice.

Data compiled by market intelligence firm Sensor Tower from January 2019 to August 2022 revealed that CommBank remained ahead of the pack in terms of downloads of its banking app.

The big four peers of Westpac, ANZ and NAB are lagging behind, having recently been overtaken by NAB-owned Ubank.

The number of Aussies switching to ubank coincides with increases in the exchange rate, as ubank has fully passed on each increase to its customers with a Save or USave account.

On the other hand, the Big Four have not been so generous with their increases to savings accounts, passing on limited increases to savings accounts since May.

BankAppDownloads.jpg

Earlier this year, neobank 86,400 was absorbed into ubank with its application features such as savings and bonus interest targets adopted for the benefit of customers.

Westpac has recently tried to raise the bar in an effort to keep customers using its app, introducing Expense tracking, budgeting setup, and overview of top expenses after acquiring MoneyBrilliant last year.

Increased competition within the banking app space has left some behind, with Pocketbook popular budgeting app abandoned by buy now pay later Zip provider as a cost saving measure.

Sensor Tower APAC managing director Tom Cui said the rise of neobanks in Australia has been slower than expected, but it looks like a tipping point is on the horizon.

“CommBank downloads are steadily declining while ubank, Up and Revolut continue to climb,” Cui said.

“It’s surprising to see that Gen Zers are leaning more towards the big four banking apps – perhaps it’s because they’re still tied to their parents’ preferences and will move to neobanks as they get older. will become more financially independent.”

AgeBreakdownApps.jpg

Cui said the next big trend in the financial services industry is the rise of super apps.

“They are the ‘Swiss Army knives’ of the world, providing application for many purposes and will be at the center of the next battle for banking customers – watch this space,” he said.

See more : 10 popular apps to budget and save money


Advertising

Need a place to store cash and earn interest? The table below shows savings accounts with some of the highest interest rates on the market.

Vendor


0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details

Register account

  • Download the app and get a $20 bonus*
  • Withdraw money at any time without affecting your bonus rate.
  • Earn extra interest on a combined balance of up to $250,000 across all your savings accounts.
  • *Must complete 3 trades within 30 days
0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
4 0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
A WELCOME RATE FOR 4 MONTHS
4 0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details

High Interest Savings Account (

0 1000 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 500 1 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 250 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 2000 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
4 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 0 1 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
4 0 0 1 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 50 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
6 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 1 1 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details

Target Bonus Account ($1+)

0 ten 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
3 0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
5 0 0 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details
0 100 0 $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] More details


The products that appear in the table above are initially sorted based on a variety of factors, including the availability of a direct link to the vendor’s website and other business factors (see How We Get Paid). However, the comparison table allows calculations to be made on the variables selected and entered by the user. Certain products will be marked as promoted, featured or sponsored and may appear prominently in tables regardless of their attributes. Data may not be available for some products. This is indicated in the tables by not showing an available product for the relevant term. Minimum deposits, bonus rate requirements, other terms, fees and charges may apply. The above is prepared without taking into account your objectives, financial situation or needs, so please consider its suitability for your circumstances. General information and terms and conditions can be found on each provider’s website. Rates correct as of September 27, 2022. See disclaimer.


Image by Tim Mossholder via Unsplash

Comments are closed.