Australian retail deposits customers remain the key focus for all financial services (FS) providers. However, given the increasing competition within this space, FS providers need to understand each of the consumer segments and devise appropriate strategies to achieve their long-term objectives. This report assesses consumer attitudes towards transaction and savings accounts in Australia.
Scope
*Assesses the current state of Australian deposit consumers
*Investigates consumer attitudes in using their deposit products
*Analyzes switching factors and the underlying reasons to switch products
*Suggests some opportunities in targeting specific consumer segments
Highlights
In the context of Australian FS providers, the importance of a segmented-strategy approach is becoming apparent, allowing as it does FS providers to identify and target the most attractive segments to achieve their goals as competition in retail deposits intensifies.
Understanding needs among different consumer segments are crucial. For example, Gen Ys are twice as receptive as Gen Xs to special offers on deposit products and they rank fees and interest rates higher than any other age group.
This report provides actionable insights, such as targeting younger generations and using alternative communication channels to integrate within consumer lifestyles, and also provides lessons on product design from overseas.
Reasons to Purchase
*Understand the current mindset of Australian deposit consumers
*Identify the main factors to attract specific consumer segments in retail deposits
*Provide actionable insights on how to approach Australia deposit consumers after the global economic crisis
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