Retail Banking Consumer Profiles in Australia

GlobalData's Retail Banking Consumer Profiles in Australia covers three of six distinct customer profiles. The three profiles discussed are as follows:

• Margot: Retired loyal customer yeraning for easier to use digital banking services and better rewards for her consistent loyalty.
  • Margot is a  price-conscious, loyal customer who is comfortable using online banking but really appreciates a simple and transparent digital experience.
  • While Margot is happy to conduct most of her day-to-day activities via online channels, she would rather use branches for all activities that are more complex or require a more sensitive discussion.

• Logan: A family man that prefers the service and security that alternative providers offer.
  • For Logan, his main life goal is to pay off his mortgage. In addition, Logan feels as though it is important for his children (who are still under 16) to learn the importance of money management in order to build up their own savings going forward.
  • Although he uses digital banking regularly, Logan’s main issue is that he does not get as clear an understanding of his finances as he would like. Given his preference for digital banking, a focus on personal financial management tools delivered as part of mobile banking apps would ensure he has an easy-to-access overview of his finances when on the go.

• Chen: An expat with a young family looking for competitively priced services who is willing to try innovate new products.
  • Chen’s recent move to Australia with his young family means he is looking for competitively priced products. Chen is also keen for quick and easy problem resolution from his primary provider and clear and simple-to-understand financial products. As he is constantly on the move and often travels, he values simplicity and the ability to access his finances anywhere, at any time.
  • Although digital-first, there are a few areas in which his digital experience could be improved: providing a clear understanding of his finances (69%), offering a greater range of products and services digitally (64%), and a simpler process to access his account on the platform/app (59%). Chen is looking for a platform that would allow him to use digital banking to a greater, more efficient extent.

The personas give a comprehensive view of how a person in this group views their financial life, including detailed demographic segmentation, impending life events, unmet needs and frustrations, as well as their opinions and preferences in banking –particularly their attitudes towards digital banks and non-bank financial services providers.

Logan prefers digital channels for all of the activities. However, for certain activities like applying for a mortgage or seeking hardship assistance there is a higher chance he would want to go to a branch.

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