Australia Retail Banking Competitor Benchmarking – Financial Performance, Customer Relationships and Satisfaction

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Australia Retail Banking Market Report Overview

Rising rates in 2022 resulted in many banks’ assets increasing, thereby leading to decreased interest margins. Financial indicators improved more for smaller banks than for the big four (Australia and New Zealand Banking Group (ANZ), CommBank, National Australia Bank (NAB), and Westpac). However, the Big Four’s dominance is still very strong across all products (deposits, loans, mortgages, and credit cards), age groups, and affluence bands.

Market shares are the least concentrated among personal loans, making this the most competitive category for smaller banks, particularly given the wide variety of channels through which Australians purchase personal loan products.

The Australia Retail Banking Competitor Benchmarking report looks at market performance, retention risk, and market shares across key products within Australia’s banking space. It also ranks the country’s leading banks across a range of criteria, from digital adoption and user experience to rewards and money management tools.

Key Banks ·        Australia and New Zealand Banking Group (ANZ)

·        CommBank

·        National Australia Bank (NAB)

·        Westpac

·        ING Bank

Key Retail Banking Products ·        Retail Deposits

·        Residential Mortgages

·        Personal Loans

·        Credit Cards

Customer Relationships ·        Customer Tenure

·        Cross-Selling

·        Current Account Net Promoter Score

·        Customer Loyalty

Customer Satisfaction ·        Satisfaction Drivers of NPS

·        Overall Satisfaction

·        Digital Satisfaction

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Australia Retail Banking – Financial Performance

Smaller Australian banks outperformed the big four on profitability indicators. In terms of financial ratios, no real improvement was seen in the cost/income ratio, as inflation was rising steadily throughout 2022. However, in terms of market shares, CommBank gained market shares across all four categories at the expense of the rest of the big four, whose market shares have mostly been declining. CommBank maintained its dominant position in 2022, controlling nearly a quarter of the residential deposit, mortgage, and credit card markets.

Australia Retail Banking Market Segmentation by Companies, 2022 (%)

Australia Retail Banking Market Segmentation by Companies, 2022 (%)

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Australia Retail Banking - Customer Relationships

The Australia retail banking market research report covers key customer relationship parameters including customer tenure, cross-selling, current account net promoter score, and customer loyalty. In terms of customer tenure, Bendigo and Adelaide Bank’s customers have the longest tenure.

Net promotor scores (NPS) are low across Australia. ING Australia emerged as the only bank to achieve high support with a 48% NPS. This is due to the strong customer-focused change in their brand direction in 2021, emphasizing the importance of understanding their customers to better serve them. The big four are the best at cross-selling products to their main current account holders, though Westpac and ANZ both have negative NPS. In terms of loyalty, Australian customers show a high sense of loyalty towards their main banks. Proportionately, BankSA has the most loyal customer base, with by far the highest percentage compared to other banks’ customers who have held their main current accounts there since they were young.

Australia Retail Banking Market Analysis by Net Promoter Score (NPS), 2022 (%)

Australia Retail Banking Market Analysis by Net Promoter Score (NPS), 2022 (%)

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Australia Retail Banking - Customer Satisfaction

The customer satisfaction segment of Australia retail banking market reports comprises of satisfaction drivers of NPS and overall and digital satisfaction drivers for NPS in the popular banks. Loyalty rewards drive customer support significantly more than any other factor. Other drivers include budgeting tools, competitive prices, brand, and support for ESG causes among others.

Some of the top drivers of NPS are linked to pricing or monetary incentives, signaling that Australians are cost-conscious due to the economic environment in 2022. Improving NPS might involve sacrificing profitability.

Australia Retail Banking Market Analysis by NPS Drivers, 2022 (%)

Australia Retail Banking Market Analysis by NPS Drivers, 2022 (%)

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Scope

This report looks at market performance, retention risk, and market shares across key products within Australia’s banking space. It also ranks the country’s leading banks across a range of criteria, from digital adoption and user experience to rewards and money management tools.

Key Highlights

  • 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.

Reasons to Buy

  • Develop an understanding of the composition of the Australian retail banking market.
  • Learn which banks are succeeding and which are underperforming across various metrics, ranging from profitability to net promoter score.
  • Identify the actionable steps that need to be taken by Australian banks to address their biggest shortcomings.

ANZ
Bank of Queensland
BankSA
Bankwest
Bendigo and Adelaide Bank
CommBank
ING Australia
NAB
St.George Bank
Suncorp
Westpac

Table of Contents

Executive Summary

Financial Performance

Customer Relationships

Customer Satisfaction

Actionable Steps

Appendix

Frequently asked questions

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