Copies of selected reports are available on request.

Bankikng Customers and their channel peferences Australian Residential Property and Mortgage Trends
How Financially Stressed Households Cope

 

The Quiet Revolution.

 

Results from our  Household Survey focussing on banking channel preferences

 

From the introduction:

 

This report contains the latest results from our household surveys with a focus on their use of banking channels, preferred devices and social media trends.

 

Our research shows that consumers have largely migrated into the digital world and have a strong expectation that existing banking services will be delivered via mobile devices and new enhanced services will be extended to them. Even “Digital Luddites”, the least willing to migrate are nevertheless finally moving into the digital domain. Now the gap between expectation and reality is larger than ever.

 

Looking across the transaction life cycle, from search, apply, transact and service; universally the desire by households to engage digitally is now so compelling that banks have no choice but to respond more completely.

 

We also identified a number of compelling new services which consumers indicated they were expecting to see, and players need to develop plans to move into these next generation banking offerings. Many centre around bots, smart agents and “Siri-Like” capabilities.

 

We are now at a critical inflection point in the development of banking as digital now takes the lead.  Players must move from omni-channel towards digital first strategies, where the deployment of existing services via mobile is just the first stage in the development of new services, designed from the customers point of view and offering real value added capabilities. These must be delivered via mobile devices, and leverage the capabilities of social media, big data and advanced analytics.

 

This is certainly not a cost reduction exercise, although the reduction in branch footprint, which we already see as 10% of outlets have closed in the past 2 years, does offer the opportunity to reduce the running costs of the physical infrastructure. Significant investment will need to be made in new core capabilities, as well as the reengineering of existing back-end systems and processes. At the same time banks must deal with their “stranded costs”.

DFA authors reports for clients, and the broader industry, using a number of proprietary industry models. Recent coverage includes:

 

Consumers Emerging Device Preferences

Profile of a Digital Native

Social Media for banking

Mortgage Stress

Mortgage Industry Dynamics

Superannuation trends

Payday lending

Heath Insurance affordability

Small and Medium Business Sector trends

Segmenting the Australian Consumer market - winners and losers

 

Whilst these reports are not generally available to a wider audience, if you are after something specific, then use the "Contact" button above to make an enquiry and we will try to assist.

 

 

Made with Adobe Muse

© Digital Finance Analytics 2017                                       About                 Contact                   Terms/Privacy

Get The DFA Market Data