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Australian Financial Services Market – Trends, Key Players, Economic Impact, Manufacturing Process, Raw Materials, Cost and Revenue from 2016-2021

Thursday, November 10, 2016 1:02
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(Before It's News)

Retail Banking Country Snapshot: Australia 2016

The Australian Financial Services Market is highly developed, although it is largely dominated by its big four – Commonwealth Bank (CBA), NAB, Westpac, and ANZ, which each own a number of other banks with strong brands in the market such as St.George, Bank west, and Bank of Melbourne. The country has a very large banked population who favor providers with good reputations and competitive rates. Although a sizable minority of consumers have already used fintech or alternative providers, such as peer-to-peer (P2P) lenders, skepticism about their benefits remains dominant.

Browse more detail information about Australian Financial Services Market:

http://www.absolutereports.com/retail-banking-country-snapshot-australia-2016-10375882

 

Key Players in Retail Banking Country Snapshot: Australia 2016

  • Commonwealth Bank of Australia
  • Westpac
  • ANZ
  • NAB
  • Bendigo and Adelaide Bank
  • Bank of Queensland
  • ING
  • HSBC
  • Society One.

Get a PDF Sample of Australian Financial Services Market:

http://www.absolutereports.com/enquiry/request-sample/10375882

 

Key Findings of Australian Financial Services Market:

- The transactional account market is dominated by the big four, largely because consumers favor reputation and an established brand. However, the existence of a local branch also features heavily in the decision-making process, likely due to the perceived convenience of having ATMs nearby, as Australians generally incur fees by using another bank’s ATM. Online channel usage is extremely high and increasingly involves complex transactions.

- Rates and reputation are the main factors in choosing a savings account, although as branches remain the most dominant application channel for this product this indicates that a high proportion of savers are taking up this product with the same bank they hold their transactional account with. Consumers are mainly saving for the unplanned, so regular small saving tools may help attract these prospects.

- 41% of consumers in Australia have a residential mortgage, three quarters of them holding it with one of the big four, which are mainly competing on rates – by far the most important factor in the decision-making process. Factors related to payment flexibility (such as overpaying or underpaying) and redrawing facilities are also key. A significant proportion acquire their mortgage through an independent broker, so building relationships and offering attractive commissions is vital.

- The personal loans market is the least saturated market, with only 17% holding this product, and is most open to new, innovative entrants such as P2P lenders, which while still evidencing skepticism are showing some potential in attracting new customers with more competitive rates and better customer service. The big four have lost considerable market share over the last 12 months.

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Synopsis of Australian Financial Services Market:

Verdict Financial’s “Retail Banking Country Snapshot: Australia 2016” reviews the retail banking sector in Australia, with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our global Retail Banking Insight Survey.

 

Need more details about this Report, ask our expert @

http://www.absolutereports.com/enquiry/pre-order-enquiry/10375882

 

The Report Offers Insight into:

- How consumers take out and use their financial products, and how this has changed in recent years.

- Which providers dominate the current account, savings, mortgage, and loan markets, and what factors persuaded their customers to choose them.

- The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.

Reasons to Buy of Australian Financial Services Market:

- Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting the Australian retail banking sector.

- Target consumers with inside knowledge of their true behaviours and attitudes, with detailed analysis from our proprietary insight.

- Learn about the impact that new entrants and distribution channels will have on the market.

 

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http://www.absolutereports.com/enquiry/request-discount/10375882

About Absolute Report:
Absolute Reports is an upscale platform to help key personnel in the business world in strategizing and taking visionary decisions based on facts and figures derived from in-depth market research. We are one of the top report resellers in the market dedicated towards bringing you an ingenious concoction of data parameters.
 

Contact:
Mr. Ameya Pingaley

Absolute Reports
+1-408 520 9750
Email: sales@absolutereports.com  
www.absolutereports.com   
Get more market research related news @
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