Consumers want more from transaction banking
Australians are open to the idea of their banks providing services that help them manage their finances, according to a new consumer survey.Commonwealth Bank and KPMG collaborated on a research report, The Future of Digital Banking, which was released in conjunction with the launch of CBA's updated CommBank app yesterday.Included in the research was a consumer survey, which found that 90 per cent "are open to banks providing new services, tools or ways of doing things to help their financial situation".When it comes to just what help consumers want from their banks, there were no surprises. Among 18 to 24 year-olds the most common aspirations were saving for a car and saving for an overseas holiday.Among people 25 to 39, the most common aspirations were growing a business, paying a mortgage and maximizing returns on investments.And among those aged 40 and over, the most common aspirations were securing retirement income and savings for overseas holidays.When it comes to banking services, people want assistance paying bills, more personalised information on rates and fees, and information about rebates.Almost half (47 per cent) are open to having more of their day-to-day finances automated.Ninety per cent said they wanted better information about their spending and saving.Forty-four percent said they felt "overwhelmed" by their current financial situation and would like to be more in control.