Browse the complete Report on : Australian Consumer Deposits 2010
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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
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.
Reasons to Purchase

• 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

Table Of Contents
Overview 1
Catalyst 1
Summary 1
Executive Summary 2
Understanding consumer behavior across the four stages of the product cycle 2
Consumers are looking for independent sources of information 2
Online applications for savings accounts are increasing 2
Internet banking has become a common way of banking 3
While a minority have switched, it does not mean that the majority are happy with their transaction provider 3
Targeting specific consumer deposit segments 4
Youth banking programs serve to acquire new customers at an early stage of their banking 4
Reaching deposit customers through social media 5
Premium transaction accounts may reach niche consumer segments in Australia 5
Table of Contents 6
Table of figures 7
Table of tables 8
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