Australia Retail Banking Market Size, Key Trends 2016 Australian financial services market

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.
Read Complete Report with TOC @ http://www.radiantinsights.com/research/retail-banking-country-snapshotaustralia-2016
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