Retail Banking Country Snapshot: Australia 2016

Publisher Name :
Date: 14-Oct-2016
No. of pages: 55


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.

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.


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.

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.

Companies Mentioned

  • Commonwealth Bank of Australia

  • Westpac

  • ANZ

  • NAB

  • Bendigo and Adelaide Bank

  • Bank of Queensland

  • ING

  • HSBC

  • Society One.

Retail Banking Country Snapshot: Australia 2016

Table of Contents

Current Accounts
Channel Use
Savings Accounts
Personal Loans
Bank Infrastructure and Regulation

  • Increasing New Outlets And Striking Offers To Drive Global Pizza Market
    The global pizza market is predicted to grow at a steady CAGR of about 3% by 2020. Pizza has been gaining massive acceptance globally in the last few years. Consequently, the global pizza market is anticipated to observer considerable progress in the coming years. The growing number of pizzerias is one of the major elements [...]
  • Healthy Diet Demand In Developed Economies To Boost Nutraceuticals
    As customers scuffle to keep up with the frantic lifestyles, the necessity for healthy nutrition rises owing to dearth of time to spend on laborious exercises.  Customers are shifting their attention to swift and healthy food behaviours. Increase in intake of beverages and functional food has offered makers of nutraceuticals with money-spinning prospects to benefit [...]
  • World Economic Forum Unveils Top 10 Emerging Technologies of 2016
    The World Economic Forum (WEF) and Scientific American lately unveiled the major technological innovation list of the top ten emerging technologies of 2016. This list emphasizes on the technological developments which have the supremacy to transform industries, protect the planet, and improve lives. It also presents an opening to discuss any societal, human, economic or [...]
  • Siemens Adds To the Growth of Wind Power Generation Market
    Siemens has been presenting ground-breaking strategies and pioneering solutions for energy generation for an intelligent power supply globally. With an expansive portfolio and wide-ranging proficiency in wind power generation, Siemens is likely to aid in increasing the share of wind power in the US energy mix. With New Mexico’s vicinity to significant wind energy areas, [...]
  • Global Public Safety LTE Ecosystem Overview
    In view of its flourishing ecosystem, spectrum flexibility and performance metrics, LTE has emerged as the leading candidate for public safety mobile broadband networks. Public safety organizations and establishments have already begun planning to advance their networks to LTE-based public safety solutions. LTE provisions a varied range of services, from high bandwidth data services to [...]
  • Retail Banking Country Snapshot: Germany 2016
    Published: 15-Oct-2016        Price: US 3450 Onwards        Pages: 48
    Summary Local and co-operative banks, such as the Sparkassen and Volksbanken Raiffeisenbanken, dominate the retail banking market in Germany, with private commercial banks having a much smaller presence. Consumers strongly favor providers with good reputations, and personal recommendations are particularly important to younger age groups. Branches remain the most used acquisition channel across all products, although satisfaction levels for ongoing interactions are hi......
  • Global Digitization in Lending Market Professional Survey Report 2016
    Published: 04-Jul-2016        Price: US 3500 Onwards        Pages: 111
    This report mainly covers the following Product types including Type One Type Two Type Three … Segment regions including (the separated region report can also be offered) North America Europe Japan China Southeast Asia India The players list (Partly, Players you are interested in can also be added) 100 Day loans Netcredit 24/7 Loan Rise Netlo......
  • P2P: The Disruptive Potential; New tools and technologies are changing the face of domestic and international payments
    Published: 03-Mar-2016        Price: US 3450 Onwards        Pages: 31
    Summary Recent advancements in technology and the increasing consumer reliance on the mobile channel are propelling P2P tools to the forefront of the payments conversation, and new start-ups and established players in other markets are looking to P2P in order to bolster their brands or gain access to new revenue streams. The P2P market is more accurately defined as various sub-markets, with the distinction between domestic and international P2P providers remaining sha......
  • Credito Bergamasco Tactical & Strategic Report - Milan Stock Exchange Edition
    Published: 01-Mar-2015        Price: US 9950 Onwards        Pages: 18711
    The Tactical & Strategic Report on Credito Bergamasco Milan Stock Exchange Edition Substantial interest, recent commentary and overall performance speculation persuaded DataGroup Analysts to publish the new edition of the Tactical & Strategic Report on Credito Bergamasco - now available as the 2015 Edition. The new Edition of the report represents a complete re-evaluation, re-assessment and re-formulation of the last edition. The resul......
  • IWBank Tactical & Strategic Report - Milan Stock Exchange Edition
    Published: 01-Mar-2015        Price: US 9950 Onwards        Pages: 18706
    The Tactical & Strategic Report on IWBank Milan Stock Exchange Edition Substantial interest, recent commentary and overall performance speculation persuaded DataGroup Analysts to publish the new edition of the Tactical & Strategic Report on IWBank - now available as the 2015 Edition. The new Edition of the report represents a complete re-evaluation, re-assessment and re-formulation of the last edition. The results are extensive, far re......
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs