Money reveals its 2023 Bank of the Year - Young People
ING Bank has been named Money's 2023 Bank of the Year - Young People as part of the Consumer Finance Awards.
Technology is key for all bank customers who have embraced digital banking, with 98.9% of total transactions now made online and through apps, according to the Australian Banking Association. For customers under 35, it is essential to be able to bank anywhere and anytime.
According to ING Bank, its younger customers also love the fact that its savings and transaction accounts don't charge fees and also offer competitive interest rates.
"Customers want simple, no-fuss products," explains Matthew Bowen, ING's head of daily banking.
The market for young customers is highly competitive among the big four banks as well as online banks. Securing their loyalty for savings and transaction accounts is vital, paving the way for them to take out a mortgage and become customers for life.
In 2022, Australian banks spent $28.5 billion on technology, up from $3.5 billion in 2005, according to the Australian Banking Association.
Bowen says 80% of ING's active customers have taken up its mobile app and 48% of customers interact through mobile app only, up from 44% in just one year. "This year, customers have logged into our mobile app an average 25 times per month, up from 24 in 2022," he says.
In second place, Commonwealth Bank offers customers aged under 30 accounts such as NetBank Saver and GoalSaver as well as several digital banking tools to help organise their spending and identify where their money goes.
One is a tracker to categorise all transactions to help pinpoint key spending areas. Australia's biggest bank also offers a Bill Sense tool that helps predict and manage future bills and regular payments. It can also set smart budgets to help customers stay on track. To add a level of security, you can add transaction notifications.
In third place is NAB, which offers the StraightUp Card, a credit card with no interest, late payment or international transaction fees. It gives customers a set amount of funds for borrowing.
NAB also has a no-fee everyday transaction account that doesn't charge overdrawn fees or require minimum monthly deposits.
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