HSBC customers the top early tech adopters: Roy Morgan

Users of big four banks behind HSBC and Citigroup account holders

According to a market research firm Roy Morgan’s ‘Digital Universe’ study, HSBC has the highest proportion of early adopters of new technologies of all the banks operating in Australia, with 27.9 per cent of customers doing so.

Coming in second is Citigroup with 20.3 per cent, beating the big four players ANZ (19.3 per cent), Westpac (18.4 per cent), National Australia Bank (NAB; 18.2 per cent), and the Commonwealth Bank of Australia (CBA; 17.2 per cent).

Buildings societies and credit unions, as a whole, recorded 13.7 per cent of its customers as adopters.

Commenting on the results, Roy Morgan industry communications director, Norman Morris, said early adopters “are more likely to be young people and mature adults aged between 18 and 30 who are well educated, employed full time, and earning an above-average income.

“As such, their combination of higher income and risk taking behaviour enables them to readily take up new only banking technologies and mobile apps.”

The Digital Universe report split consumers into six brackets: technology early adopters, professional technology mainstream, digital life, older tech explorers, technology traditionalists and ‘technophobes’.

In addition to identifying early adopters, the study also shows consumers on the other end of the spectrum should not be ignored as they constitute the majority of the sector’s customers.

Building societies and credit unions have the highest proportion of technophobes and technology traditionalists at 50.6 per cent, followed by NAB and Westpac (both with 42.4 per cent), CBA (41.7 per cent), ANZ (39.9 per cent), Citigroup (35.3 per cent), and HSBC (27.6 per cent).

“Technology traditionalists and technophobes hold conservative values, are wary of change and are usually the last to take up new technologies,” Morris said.

Read more: NICTA chief executive resigns

“Technophobes will only adopt technology when they are forced to, due to disinterest and lack of needing technology in order to fulfil their lives.”

Roy Morgan said the findings indicate that banks need to understand the rapid changes in technology and the impact on their consumers.

The firm claims it shows that it has become increasingly evident that institutions must not only design innovative new banking technologies for the tech savvy customer but also cater to the needs of customers who are not so inclined or interested to use new technology.

Read more: UPDATED: APAC entrepreneurs lack support, finance: Wozniak and Earl

2015 State of The IT Channel Survey : IT'S TIME!!! Fill in this year's State of the IT Channel Survey and be in the running to win great prizes. CLICK HERE

Join the ARN newsletter!

Error: Please check your email address.

Tags Roy Morgantechnology adoptionresearchbankingbanks

More about ANZ Banking GroupCommonwealth Bank of AustraliaCommonwealth Bank of AustraliaHSBCMorganNABNational Australia BankNormanNormanRoy MorganTechnologyWestpacWestpac

ARN Directory | Distributors relevant to this article

Show Comments
 

Latest News

03:39PM
Cirrus Networks signs $4.6 million in contracts via new strategy
03:10PM
Alcidion raises $1.5 million to expand Miya decision support platform
11:34AM
Samsung Galaxy S6, S6 Edge: On sale in Australia, April 10, from $999
02:16PM
Invigor uses Big Data to slice prices for consumers
More News
21 Apr
APJ Progress Spark Conference
22 Apr
2015 Innotribe Startup Challenge
27 Apr
Disruptocon
27 Apr
Disruptocon
View all events