Melos Sulicich
MyState Bank customers are embracing digital banking and contactless payment technologies as a substitute for cash during the COVID-19 (Coronavirus) emergency.
Recent data from MyState Bank reveals a significant shift in payment habits as customers become increasingly comfortable with card-based transactions and online banking.
The share of overall transactions, comprised of ATM usage and cash withdrawals via MyState Bank branches, has decreased by 29% in April, compared to last month.
The shift away from in-person transactions to those conducted remotely has led to increases in the proportion of online transactions since the start of the month, with online BPAY payments and New Payments Platform (NPP) transactions both up by 20%. Meanwhile, PayPal transactions have increased by 40%, while the share of Visa debit transactions increased by just 8%.
MyState Bank is experiencing increased demand for internet and mobile banking services with new registrations for the services up 55% on the 12-month average. Overall, the number of customers actively making use of these channels has climbed by more than 4% since the introduction of social distancing and ‘stay-at-home’ measures throughout Australia.
MyState’s Managing Director and CEO Melos Sulicich said the data indicates Australians are heeding the advice from the Government and health experts to avoid using cash where possible to remove any risk of COVID-19 transmission.
“While MyState branches remain open and are providing the full range of banking and financial services, social distancing and other preventative health measures means many Australians may not be able to undertake their banking or normal day-to-day activities in the usual way. Many retail establishments are only accepting payment via debit and credit cards.
“For this reason, MyState Bank have introduced a range of measures and advice for customers who may not be able to access bank branches as a result of the current emergency,” Mr Sulicich said.
MyState Bank reported call volumes for its Contact Centre have increased with the number of calls rising by nearly 30%, while customer email requests have doubled over the last month.
Mr Sulicich said, “We are in extraordinary times and we are doing all we can to assist customers to do their banking as easily as possible.
“Online banking via internet banking or our mobile app provides real advantages and MyState has introduced a simple-to-use guide explaining how to bank without using a branch.
“We also have online tutorial videos to help customers through the process of banking online and can provide assistance in-branch or over the phone, if required.”
Mr Sulicich said many elderly and vulnerable customers were traditionally high branch users and generally lower users of digital banking services such as debit and credit cards and online banking. He urged more internet savvy customers to assist their family members, friends and neighbours who may be unfamiliar with online banking or the use of a debit card.
“If you have a relative or friend who needs help, obtain a copy of our guide and assist them to access MyState Bank.
“Most day-to-day banking can be conducted 24-hours-a-day, seven-days-a-week through Internet and Mobile Banking. This includes checking account balances, viewing recent transactions, transferring money and paying bills using BPAY.
“Customers can even schedule transfers for regular bills or rental payments, activate a new card, send secure messages or instructions to MyState and set up eStatements.
“Internet banking works best from a PC, laptop or iPad and the mobile app is also available for downloading on smartphones and tablet devices through the App Store or Google Play,” he said.
Mr Sulicich said assistance was available by calling MyState’s Customer Care team on 138 001, online at mystate.com.au, or at any MyState Bank branch.
