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Mobile banking quickly embraced

Mobile banking quickly embraced

(05 February 2013 – Australia) Mobile banking has been embraced by Australians with the number of users exceeding 6 million and the pace of take-up coming at a faster rate than internet banking. While it took nearly four years for the 6 million figure to be reached for internet banking users, mobile banking hit this number in a little over three years, according to a new source.

Newly released data shows that almost half of Australia's adult population now owns a smartphone with 8.7 million using a smartphone in the past 12 months.

All of Australia’s major banks have recently undergone upgrades of their in-house Android apps, as well as Apple and Windows smartphones.

Westpac, for one, has outlined plans to spend A$240 million on an overhaul of its branch network in response to sweeping technological change.

With branches increasingly being used for advice rather than transactions, the shake-up will see the number of staff cut back and floor space reduced in some branches.

Commonwealth Bank of Australia (CBA), which has more than 2 million mobile customers, last year launched its Kaching mobile banking app, which allows users to transfer fund between friends even without the need for banking details.
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