RFi Group’s Australian Banking Loyalty Report 2020 investigates and reveals the latest in trends and behaviours in loyalty in banking, due to an evolution in customer relationships. The report provides financial institutions with unique data driven global insights into the impact of these trends and how to most effectively design strategies to meet their customers’ needs over the next 12-24 months.
This is a must-read, essential and unique report for all financial service professionals working in the retail banking sector, particularly those individuals in the deposits, mortgages and credit card divisions of Australian Banks.
Contents: Research Methodology Focus area one: The changing nature of customer relationships: The loyalty implications Focus area two: Deposits deep-dive Focus area three: Mortgage deep-dive Focus area four: Credit cards deep-dive Conclusion Key Insights Opportunities
Insights: • Focus area One: MFI (Main Financial Institution) deep-dive Affects of increasingly multi-banked consumers on institutions – overview of consumer preference for split-banking • MFI (Main Financial Institution) relevance and importance • How is the ownership of AFR (Any Financial Relationship - anyone who has a product with that brand) and MFI relationships changing? • How is this impacting the conversion to MFI for key competitors? • How does an existing MFI relationship influence provider choice? • MFI conversion rates, including drivers, timing and indicators of switching
•MFI relationship as a driver of product choice • Focus Area Two: Deposits deep-dive • What role do existing relationships play in determining deposit account choice? • What is the reality of the switching risk in the deposits space? • How can loyalty be earned? • Focus Area Three: Mortgage deep-dive • How is provider consideration and choice changing? • What is the refinancing risk? • How can loyalty be earned? • Focus Area Four: Credit Cards deep-dive • How are switching levels changing in the cards market? • What are the drivers of satisfaction among rewards cardholders?
Conclusions: • Summary • Key insights • Opportunities for individuals and businesses working in the credit card space
Methodology: • The data used for this report draws from the following RFi Group surveys:
- XPRT Australia – a survey of 5,000 consumers
- Australian Savings & Deposits Council - Transactions – a survey of 2,000 transaction account holders
- Australian Savings & Deposits Council - Savings– a survey of 2,000 savings account holders
- Australian Cards Council – a survey of 2,000 credit cardholders
- Australian Mortgage Council – a survey of 2,000 mortgage holders • All surveys were conducted online • All surveys are nationally representative of the Australian market and quotas were applied to ensure respondents representative of each market’s population by age, gender, region and income
Data Delivery: PDF Report
Data Update Frequency: This is a one-off report not a subscription
Market Availability: Other markets available on request to RFi Group
About RFi Group:
RFi Group is a global data-driven insights provider exclusively focused on financial services. We specialise in data and information gathering, customer-based insight generation and business decision support for the world’s leading financial service providers, as well as challengers, disruptive market participants and companies aligned to the FS sector.
We combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service.
Covering 48 key global markets, with regional offices in Toronto, London, Singapore and Sydney RFi Group consistently provides clients with tailored advice and insights relevant to their specific market and business needs.
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