No Innovation Domination

Innovation is a key characteristic in adapting to changing environments and being a leader among peers.

The ING Direct online banking brand has existed in Australia for the past decade, and is a clear cut leader in innovation, according to the CoreData Online Deposit Study 2009.

Just under a quarter of respondents (23.9 per cent) deemed ING Direct the most innovative online bank, followed by the previously known ‘cardigan-wearing’ Commonwealth Bank with 14.2 per cent.

Australian and New Zealand Bank with 9.6 per cent surprisingly pips the heavily advertising Bankwest (8.1 per cent), with Westpac and ‘A credit union’ at 8 per cent trumping the National Australia Bank, which recorded just five per cent of votes from the more than 400 surveyed set.

Innovation though is not the key driver for customers when considering opening an online cash deposit product, with Commonwealth Bank ranking first with 17.9 per cent.

‘A credit union’, highly unexpectedly was the second ranked choice for a new online account with 13.2 per cent, ahead of the innovating dominator ING Direct with 11.3 per cent.

The phones won’t be ringing at poor performers which included the National Australia online subsidiary Ubank, recording less than 1 per cent of potential new online deposit openers.

Ubank is in good company though, with St. George online brand Dragon Direct, AMP, Macquarie, Citigroup, HSBC and ANZ subsidiary One Direct all failing to reach the one per cent barrier.