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Australians are not just going digital – they’re happier for it. According to the 2025 Bank On It report by the Australian Banking Association (ABA) and Accenture, customer satisfaction with banking channels remains “exceptionally high,” with Australians consistently rating their digital banking experiences more positively than their international peers.
The report shows that 99.3% of all customer-bank interactions in Australia now take place through digital channels – an increase from 99.1% the previous year and part of a 70% surge in digital interactions since 2019. When choosing a banking provider, Australians place strong importance on data security, efficient service, and low fees. Survey findings show they are six percentage points more likely than global peers to consider competitive pricing “very important.”
Mobile wallet usage has continued to grow sharply, with $160 billion in payments made via mobile wallets in FY2024 – a 28% increase from the previous year. The volume of mobile wallet transactions is now around eleven times higher than ATM withdrawals. Despite access to a widespread ATM network, cash use has been declining by an average of 9% annually since 2019.
While digital is now the dominant mode of banking, physical access remains part of the national infrastructure. Australia still maintains more bank branches per capita than many comparably urbanised OECD countries, and more than 3,400 Bank@Post outlets extend face-to-face banking services into regional and remote areas.
Australians also rank above the global average in terms of financial inclusion, with 99.6% of adults reporting they have a bank account, compared to the global average of 76%.
Beyond customer experience, the report highlights ongoing bank support for key sectors. Lending to small and medium-sized enterprises (SMEs) made up 51% of total business lending as of March 2025, which is driven in part by regulatory changes that reduced capital requirements for SME loans. Lending to agriculture also rose to $131 billion.
Meanwhile, household loan performance has remained stable, with the share of loans 90 days or more overdue holding at 0.6% in early 2025. The report notes that mortgage arrears have not significantly increased, even amid interest rate changes.
Australian banks also continue to exceed regulatory capital requirements. The average Common Equity Tier 1 (CET1) ratio has remained above 12% since 2022, surpassing the Australian Prudential Regulation Authority’s (APRA) benchmark of 10.5%.
