New Trends in Banking: Digital Banks and Macquarie gaining ground in 2024
New data on customers’ choices in banking from Roy Morgan’s Single Source survey shows more Australians are turning to newer digital banks, and Macquarie, as their Main Financial Institutions (MFI) in 2024.
Almost a third (32.8%) of Australians consider Commonwealth Bank (CBA) as their MFI in 2024. ANZ holds second place at 11.6%, followed by Westpac at 11.4% and NAB at 11.2%. Together, the big four banks make up 67.0% of MFI Share, down 0.6% from last year. ING, ranked fifth, also saw a slight decline to 4.3%.
Newer digital banks, like ANZ Plus, ME Bank, Ubank, and Up, have increased their MFI Share by 0.3% to 2.0%.
Macquarie Bank saw a rise of 0.4% to 1.5%, gaining ground across all age groups. Macquarie's growth in MFI Share coincides with its increase in mortgages and deposits share.
Chart 1: MFI Share of the larger banks: December 2023 cf. December 2024
Source: Roy Morgan Single Source Australia, Jan. 2023 – Dec. 2023, n = 61,878, Jan. 2024 – Dec. 2024, n = 61,820. Base: Australians aged 14+.
Roy Morgan General Manager of Financial Services Suela Qemal commented:
“In the last 12 months, newer digital banks (ANZ Plus, ME Bank, Ubank, Up) and Macquarie have gained more of the Main Financial Institution (MFI) market. The newer digital banks’ share grew by 0.3% to 2.0%, 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.”
These latest banking MFI ratings come from the Roy Morgan Single Source survey, derived from in-depth interviews with over 60,000 Australians each year.
Related research findings
For further in-depth analysis, view the various Banking and Finance Currency Reports.
For comments or more information about Roy Morgan’s banking and finance data please contact:
Roy Morgan Enquiries
Office: +61 (3) 9224 5309
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About Roy Morgan
Roy Morgan is Australia’s largest independent Australian research company, with offices in each state, as well as in the U.S. and U.K. A full-service research organisation, Roy Morgan has over 80 years’ experience collecting objective, independent information on consumers.
Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
| Sample Size | Percentage Estimate |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
