Macquarie Bank gaining ground as main financial institution
More Australians are turning to digital banks with Macquarie Bank as their main financial institution (MFI), according to new data from Roy Morgan’s Single Source survey.
The Commonwealth Bank of Australia (CBA) remains the most popular choice, however, with 32.8% of Australians naming it as their MFI in 2024. ANZ follows at 11.6%, while Westpac and NAB hold 11.4% and 11.2%, respectively.
Together, the Big Four banks account for 67% of the MFI market share, a slight drop of 0.6% from the previous year. ING, in fifth place, also experienced a minor decline to 4.3%.
In contrast, newer digital banks, including ANZ Plus, ME Bank, Ubank, and Up, increased their collective MFI share by 0.3% to 2.0%. Macquarie Bank gained the most ground, rising 0.4% to 1.5%, with growth across all age groups.
“In the last 12 months, newer digital banks (ANZ Plus, ME Bank, Ubank, Up) and Macquarie have gained more of the MFI market,” said Suela Qemal, general manager of financial services at Roy Morgan. “The newer digital banks’ share grew by 0.3% to 2%, mostly among people under 40. Macquarie’s share increased by 0.4% to 1.5%, with growth across all age groups.
“These banks benefited from customer switching. New digital banks gained 60,000 customers while losing 29,000, and Macquarie gained 48,000 customers while losing just 5,000. The big four banks and ING saw slight change, while regional banks lost customers.
“Digital banks have grown by offering enticing deposit products, including competitive higher interest rates and lower fees. They are now broadening their focus to provide compelling mortgage products to keep attracting younger customers.”
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