Australia Retail Banking Analysis by Consumer Profiles

This report - which is part of a series of Australia content including country analysis and competitor benchmarking - looks at six different customer personas in Australia. It explores their financial goals, unmet needs, and banking preferences while providing actionable steps for financial providers to take to achieve high levels of retention and to cross-sell effectively and accordingly.

Based on the consumer profiles covered in this report a few general results can be gleaned. For example, most customers conduct their banking digitally either on a mobile app or via a provider's website. However, despite the digitalization of retail banking, consumers generally still hold a reasonably strong preference for the use of branches when it comes to important tasks such as applying for a mortgage. The advantage of this report lies in the findings that are unique to individual profiles. For example, customers that match the profile of Willow - an 18-34-year-old lower emerging affluent individual with education debts - are among the most likely to pay for premium features.

Scope

• Across almost all consumer profiles, online and mobile banking were the two most commonly used channels
• Many consumer profiles are unhappy with the loyalty rewards they receive
• Mass affluent customers are likely to be more willing to pay for preferential cashback than any other premium feature a bank could offer

Reasons to Buy

• Understand how consumer preferences vary between different types of consumer
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings
• Identify the areas for improvement that matter to particular consumers
• Benefit from the provision of actionable steps that can help your business target specific customer profiles.