Thursday, 19 November 2020 09:29

Australians rank banking apps highly, five-nation survey finds

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Australian consumers are happy with their banking experiences through apps, with 69% expressing satisfaction, a much higher percentage than in some other countries like the UK where the figure was 53%, according to a survey by identity management solutions provider ForgeRock.

A survey of 5000 consumers was conducted across the US, the UK, Germany, Singapore and Australia and released under the title The New Normal - Living Life Online. No breakup was given of the number of people surveyed in each country. This report will concentrate on the findings for Australia.

Participants were asked about preference and experience with apps and online accounts, as it related to pre-pandemic preferences. App and online account usage was evaluated across seven categories: education, retail, grocery, entertainment, financial, healthcare and government.

The Australians surveyed said they would uninstall an app or forgo registering for a new online account if they were unable to navigate or install an app (45%) or had to provide credit card details (44%).

Banking and entertainment apps scored highly for online experience, with the latter being marked up by 67%.

As far as login methods were concerned, 53% of the Australians preferred passwordless authentication using either biometrics or else two-factor authentication. Data privacy was ranked highly by 72%.

forgerock graphic

"With consumers continuing to spend more of their lives online for the foreseeable future, it's imperative that organisations simplify how consumers sign up, log in and engage with their apps and digital services," said Ben Goodman, senior vice-president of global business and corporate development, ForgeRock.

"Consumer identity is at the heart of any digital experience. By putting identity at the center of the digital relationship, organisations can provide better and more secure access for consumers."

Overall, the survey found that consumers who were 65 and above gave the highest ratings overall for digital experiences, but those aged 18-24 were the most difficult to please.

Across the five countries, the Gen Z age group was most likely to delete their account (37%) or change service providers (34%) if they have a difficult login experience.

ForgeRock claimed that this showed organisations that did not provide a smooth log-in experience could hurt their brand reputation with these young buyers for years to come.

The full survey can be downloaded here.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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