MOBILE phones became the banking method of choice for Bendigo and Adelaide Bank customers in May, according to chairman Robert Johanson.
Speaking at the bank’s Annual General Meeting on Monday, Mr Johanson said despite the rise in internet banking, branches were still important.
“It’s amazing that so quickly these devices are now the way people do their transactions with banks,” he said.
“We used to worry about the old days of people queuing up in branches, which is where you count your transactions.
“That’s just not true anymore.
“People are happy to deal with the bank in lots of ways, with cards, with mobile phones, and they use their mobile phones for all sorts of different things.
“It’s an astonishing change.”
Mr Johanson was one of several bank staff to speak at Monday’s meeting.
Managing director Mike Hirst said the bank was in a tougher position to the big four banks as regulations largely favoured bigger banks.
He said compliance costs most impacted smaller banks.
Mr Johanson said banks across the world were facing increased regulation following the Global Financial Crisis.
“They’re requiring us to be a lot tougher with what we do and how we do it, and the system for how we manage it,” he said.
“That increasing amount of regulation will go on for some time.”
The company’s Annual Financial Report shows a 7.7 per cent rise in profit after tax for the last financial year.
Mr Johanson said the result had come despite difficult market conditions.
“There has been quite subdued credit conditions,” he said.
“Most customers are focused on repaying debts rather than getting more debt so credit growth in the economy has been quite subdued.
“While the economy has been growing okay, credit growth has been quite slow.
“We’ve just worked our business as hard as we can and worked to be as efficient as we can. While the system has been subdued, we’ve grown better than system.”