The digital revolution has placed Australia on a fast trajectory to becoming a highly automated, cashless society. Some experts believe we will be cash free as early as 2022 and research indicates that over the next 20 years, 44% of current Australian jobs are at high risk of being affected by computerisation.
The Australian Payments Network Milestone Report shows the use of cheques has dropped by 56% over the last five years, and the number of ATM withdrawals has declined by 22%. Over the same time, we have increased our direct entry (direct debit and direct credit) transactions by 36.5% and our card payments by a staggering 71.6%.
It seems Australians are embracing the convenience of automation and contactless technology in growing numbers. You only need look at how many customer service functions have been automated to realise that there will come a time when robots will be able to comprehensively mimic human conversations, both listening and speaking.
Despite these changes, there remains a strong demand for human interaction. The active connection between a business and its customer is still recognised as adding incredible value to the service experience.
As mortgage brokers, we see the benefit of the human touch in many ways. By communicating with our clients, one-on-one, we develop a broader picture of their circumstance. This personal engagement enables us to affect outcomes for our clients that are both meaningful and long lasting.