60 percent adoption, less than 15 percent primary usage: Australia’s neobanking market faces conversion gap
Adoption is rising and satisfaction is high among Australian neobanking users. But primary banking relationships remain firmly with incumbents, leaving conversion, not growth, as the real challenge. Two patterns define Australia's neobanking market: adoption trails global peers, and while customer satisfaction is high, conversion to primary banking relationships is low. Customers are engaging with neobank – in fact they often prefer the experience – but they're hesitant to rely on them as their main financial institution.
· Around 60 percent of Australian consumers have used a neobank,