Australia Retail Banking Market Size, Key Trends 2016 Australian financial services market | Page 2

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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Table of Content
ATTITUDES
CURRENT ACCOUNTS
CHANNEL USE
SAVINGS ACCOUNTS
MORTGAGES
PERSONAL LOANS
BANK INFRASTRUCTURE and REGULATION
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