Research and Markets: Australian Consumer Deposits 2010 - The Major Banks Act as Main Financial Institutions For 64% of Au

DUBLIN--(BUSINESS WIRE)-- Research and Markets(http://www.researchandmarkets.com/research/6474be/australian_consume) has announced the addition of the "Australian Consumer Deposits 2010" report to their offering.

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 of this title

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.

Key reasons to purchase this title

• 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

Key Topics Covered:

• Overview
• Understanding consumer behavior across the four stages of the product cycle
• Consumers are looking for independent sources of information
• Youth banking programs serve to acquire new customers at an early stage of their banking
• Reaching deposit customers through social media
• Premium transaction accounts may reach niche consumer segments in Australia
• Understanding Australian Deposit Consumers
• Big banks claimed the majority of deposits in the last 12 months
• In the past year, 87% of household savings went to the four major banks
• The major banks act as main financial institutions for 64% of Australians
• FS providers in Australia need to identify and target the most attractive segments
• Consumer Insights: Understanding the Four Stages of the Product Lifecycle
• Different consumer segments have different reasons to choose their provider
• Gen Ys are price-sensitive, and look for independent opinions and special offers
• Gen Xs are likely to go with their mortgage provider or take product bundles for a transaction account
• Baby Boomers value convenient banking and good service
• Gen Xs represent more disciplined savers than any other group
• ANZ claimed the most number of consumers who have switched
• Other than fees, convenience factors are clear drivers of consumer switching
• Good service is the key factor to retaining savings account customers
• Targeting Specific Consumer Deposit Segments
• Youth banking programs serve to acquire new customers at an early stage of their banking
• CBA has 41% penetration of customers at an early age (18-30 years old)
• CBA customers as a whole join the bank at a younger age than any other banks' consumers in Australia
• Case study: CBA's youth banking programs
• The trend of premium transaction accounts has seen growth in the UK
• Gen Ys look for opinions from someone on deposit products, but not from a bank
• Methodology
• List of Tables
• List of Figures

For more information visit http://www.researchandmarkets.com/research/6474be/australian_consume

Source: Datamonitor

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Research and Markets
Laura Wood, Senior Manager,
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KEYWORDS:   Australia  United States  North America  Australia/Oceania  New York

INDUSTRY KEYWORDS:   Professional Services  Banking

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