The COVID-19 pandemic has shifted consumers towards digital banking services, with many Australians preferring to make payments electronically.*
According to the Reserve Bank of Australia, over recent decades there has been a trend rise in the use of electronic payment methods for retail transactions and a decline in ‘paper based’ methods such as cash and cheques. In 2019/20, Australians made around 560 electronic transactions on average, compared with 250 a decade earlier.*
By contrast, the use of cash and cheques has fallen significantly. It is estimated that Australians made about 170 cash transactions per person on average in 2019, compared with 320 per person in 2007, and cheques are now seldom used for consumer payments.* The shift to electronic payments reflects both consumer preferences for, as well as greater acceptance of, electronic payments for a range of transactions. Innovation and the introduction of new digital payment services, including by some technology-focused firms, has widened the range of electronic payment options available for Australian consumers and businesses.
Technology is advancing at a rapid rate, and we’re committed to continue to enhance our services wherever possible to meet our customers needs. It’s about empowering our customers to bank the way they want, in a safe and efficient way.
We have seen over one million log-ins a month in the Qudos Bank Mobile App in the last two years, and this will continue to grow as more self-service functionalities become available and customers’ desire for these services continue to increase.
Our next Mobile App update due to be released in November, includes self-service features that have been highly requested from customers including secure mail accessibility via the app and push notifications.
Secure mail is another way customers can easily get in contact and ask account related questions by being pre-verified when logging in through the Qudos App, creating a convenient communication process.
Customers will be able to easily send and view secure mail within the app and enable push notifications to alert them when a reply is received.
Push notifications enable customers to set up alerts straight to their device to keep track of account activities including receiving an Osko payment, new device registrations or when an account has a negative balance and more.
More information and how to access these services will be available on our website soon.
Another improvement coming soon is the ability to make real-time payments to BSB and account numbers. Our existing real-time payment service which allows you to send instant payments (known as Osko payments) using a PayID via the New Payments Platform (NPP), will be extended to payments using a BSB and account numbers.
More information on the real-time payments update is available in this issue of MyQ.
Customers can expect updates and improvements to mobile payments, Online Banking and mobile app services over the next couple of months. We encourage customers to send through feedback and suggestions as this helps shape future updates to our digital services, if you have any feedback or suggestions, please feel free to send us a message about your app experience via the app feedback option, located under the contact us section of the menu.
Dave's Latest Tech Tip
You can easily manage your cards within the Qudos Bank Mobile App with self-service features including the ability to:
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The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.