1. business and industrial

Australia Retail Banking Market Size, Share, Emerging
Opportunities, Strategies, Outlook and Competitive Landscape
Summary
The Australian financial services market is highly developed, although it is largely dominated by its big four Commonwealth Bank (CBA), NAB, Westpac, and ANZ, which each own a number of other banks with strong brands
in the market such as St.George, Bank west, and Bank of Melbourne. The country has a very large banked
population who favor providers with good reputations and competitive rates.
Although a sizable minority of consumers have already used fintech or alternative providers, such as peer-to-peer
(P2P) lenders, skepticism about their benefits remains dominant. Usage of online has taken over branches for a
number of basic banking tasks (with mobile hot on its heels), and is growing for complex interactions, particularly
among younger consumers.
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Synopsis
Verdict Financial's “Retail Banking Country Snapshot: Australia 2016” reviews the retail banking sector in Australia,
with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both
market-level data and insight from our global Retail Banking Insight Survey.
The report offers insight into:
- How consumers take out and use their financial products, and how this has changed in recent years.
- Which providers dominate the current account, savings, mortgage, and loan markets, and what factors
persuaded their customers to choose them.
- The extent to which consumers are using online and mobile channels to research, take out, and use their financial
products.
Key Findings
- The transactional account market is dominated by the big four, largely because consumers favor reputation and
an established brand. However, the existence of a local branch also features heavily in the decision-making
process, likely due to the perceived convenience of having ATMs nearby, as Australians generally incur fees by
using another bank's ATM. Online channel usage is extremely high and increasingly involves complex transactions.
- Rates and reputation are the main factors in choosing a savings account, although as branches remain the most
dominant application channel for this product this indicates that a high proportion of savers are taking up this
product with the same bank they hold their transactional account with. Consumers are mainly saving for the
unplanned, so regular small saving tools may help attract these prospects.
- 41% of consumers in Australia have a residential mortgage, three quarters of them holding it with one of the big
four, which are mainly competing on rates - by far the most important factor in the decision-making process.
Factors related to payment flexibility (such as overpaying or underpaying) and redrawing facilities are also key. A
significant proportion acquire their mortgage through an independent broker, so building relationships and
offering attractive commissions is vital.
- The personal loans market is the least saturated market, with only 17% holding this product, and is most open to
new, innovative entrants such as P2P lenders, which while still evidencing skepticism are showing some potential
in attracting new customers with more competitive rates and better customer service. The big four have lost
considerable market share over the last 12 months.
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Reasons To Buy
- Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting the
Australian retail banking sector.
- Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our
proprietary insight.
- Learn about the impact that new entrants and distribution channels will have on the market.
Table of Content
ATTITUDES
CURRENT ACCOUNTS
CHANNEL USE
SAVINGS ACCOUNTS
MORTGAGES
PERSONAL LOANS
BANK INFRASTRUCTURE and REGULATION
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