Setting the pace, banking and finance showed high volume engagement, with 91 per cent of Australians interacting online with a financial institution at least once a year and a third (36 per cent) doing so once a week or more.
This finding highlights how integral the internet has become to banking and finance services. Banking apps, particularly by the major banks, are quickly developing in terms of their functionality and ease of use.
While the laptop or PC are still the most frequently used devices for accessing banking and finance functions on the internet (49 per cent and 47 per cent respectively), the smartphone is not far behind (41 per cent).
It is also one of the few sectors to have increased since the last Digital Australia survey in 2014 and we believe there are a couple of reasons the sector is getting it right.
One, the financial sector understands the specific needs and desired experiences of customers and how to apply intuitive digital solutions. Two, they invest in the latest and embrace potentially disruptive forces. And three, they are operating in one of the most intensely competitive 'one-up' digital environments.
Consumer criteria for a high-quality digital experience continue to revolve around entry level factors. Security is at the top of the list, following by basic functionality requirements, such as ease of navigation and the ability to find a product or contact information.