Australian Retail Deposits 2019: Review, Forecasts, and Future Opportunities
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The Australian retail deposits market has been characterized by weaker growth of 5% in 2019 (A$1,168bn [$764bn]) compared to previous years and is forecast to grow close to that level until 2023. Weak GDP growth and poor consumer sentiment have persuaded consumers to save rather than spend, despite falling interest rates. The shrinking gap between deposits products has led to a market preference for on-demand deposits over term deposits. Meanwhile, fee income has fallen for the first time in years, driven by lower transaction account and credit product fees, as no-fee accounts become the norm.
This report provides information and insights on the Australian retail deposits market. It gives an overview of the recent retail savings and investments market environment. It analyzes the Australian macroeconomic scene, the competitive environment among the main players, and customer behavior and sentiment. It also provides an analysis of recent regulatory changes and proposals and looks at the most innovative neo banks in the market.
Scope
– Total deposit growth is forecast to remain at around 5% for the coming few years, amid a combination of weaker domestic growth, falling interest rates, and historically low consumer confidence.
– Superannuation is forecast to grow faster than all other major asset classes, primarily driven by the compulsory nature of the super guarantee. Authorized deposit-taking institutions (ADI), however, are unlikely to benefit from this as retail superannuation remains stagnant.
– A raft of neo banks have entered the market, all with highly competitive and flexible deposit products as well as a range of other innovative personal financial management tools and mortgage products.
Reasons to Buy
– Gain insight at both the micro and macro level of the Australian retail deposits market.
– Learn about the threats to deposit providers as well as potential opportunities such as new products.
– Assess the market’s latest trends and innovations.
– Compare the performance and strategic direction of your firm against competitors.
National Australia Bank (NAB)
Australia and New Zealand Banking Group (ANZ)
Westpac
Commonwealth Bank of Australia (CBA)
Morgan Stanley
St.George
Bendigo and Adelaide Bank
ING Australia
Me Bank
Rabobank
Macquarie
86 400
Up
UBank
CoreLogic
Nationwide
Volt Bank
FinTech Australia
Monzo
Simple
Chip
Cleo
Apple
Samsung
Alphabet
Fitbit
Garmin
TransferWise
Osko
BPAY
PayID
Afterpay
N26
Ferocia
Atom Bank
Metro Bank
Cuscal
Mastercard
Starling Bank
Table of Contents
Figures
Frequently asked questions
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