Australia Retail Banking Competitor Benchmarking - Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps
Summary
Australia Retail Banking Competitor Benchmarking - Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps, which is part of a series of Australia content including country analysis and consumer profiles - looks at market performance, retention risk, and market shares across key products. It ranks Australia’s top banks across a range of criteria, from digital adoption and user experience to rewards and money management tools.
Australian banks are well capitalized and have recovered well from the pandemic, with total divisional assets rising and cost/income ratios falling. In terms of market power, the big four still dominate. Within this group, CommBank has consolidated its power over the past 10 years, increasing its own market share at the expense of the other members of the big four.
Scope
- The big four continue to account for over 50% of the current account market.
- Loyalty rewards are the most important attribute determining net promoter score. Despite this, banks performed worst in this metric.
- Australian banks have done well coming out of the COVID-19 pandemic, with the vast majority having increased their total divisional assets over 2021.
- Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
- Track competitor gains and losses in market share.
- Assess the financial performance of competitors.
- Access detailed analysis of customer advocacy drivers.
- Executive summary
- Financial Performance
- Banks have accumulated assets coming out of the COVID-19 pandemic, but this has not increased their income
- Table Banks have accumulated assets coming out of the COVID-19 pandemic, but this has not increased their income
- CommBank has consolidated its position and is set to improve its market power in the future
- Table CommBank has consolidated its position and is set to improve its market power in the future
- The big four account for over 50% of current accounts in Australia
- Current accounts are less concentrated among particular income demographics than they are age demographics
- Banks have accumulated assets coming out of the COVID-19 pandemic, but this has not increased their income
- Customer Relationships
- Bank Australia, Bank of Melbourne, and AMP customers are promoters, while Westpac and Auswide Bank customers are detractors
- AMP has been most successful at attracting new customers, while St.George and Suncorp have struggled
- Bank Australia customers are likely to use their bank's services to achieve a financial goal
- ANZ, BankSA, and Bank Australia perform best at cross-selling products
- Customer Satisfaction
- Loyalty rewards are the strongest driver of customer support, while ease of navigation of digital platforms is the weakest driver
- Satisfaction with digital experiences varies notably between banks
- Banks need to improve their loyalty schemes
- Actionable Steps
- Appendix
- Methodology
- Sample sizes
- Further reading
- About GlobalData
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