By Terry Millett, CEO
Just over 10 years ago the iPhone was released. Little did we know at the time that this new smartphone would be the catalyst that changed how we lived our lives. The internet was now in the palm of our hands.
Fast forward to 2018 and it’s now normal to book an international flight from your phone, ‘google’ information while you’re at a restaurant with friends, and do your banking from a phone while you’re waiting for your coffee order.
And that’s what’s changed. We’re no longer restricted to walking into a branch or sitting at a PC to manage our finances. We can now do this 24/7 from the phone in our pocket—and the majority of our customers do.
The evolution of online and digital banking has been nothing short of phenomenal. And when you look at the benefits it provides, it’s certainly not surprising why it has become so popular. It’s so convenient to manage your money when and where we want to, and not be dictated by branch operating hours.
The flip side of this digital progress has been the significant decline in over-the-counter branch transactions. As our customers modify their banking behaviour, the need for them to regularly venture into a branch for routine transactions and service is now unnecessary for the majority of customers.