Australia Retail Banking Analysis by Consumer Profiles (Boomer, Generation X, Generation Z and Younger Millennial)

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Australia Retail Banking Market Overview

A few personas have been created through a cluster analysis (Calinski-Harabasz criterion) of GlobalData’s 2022 Financial Services Consumer Survey to understand Australian survey respondents and their attitudes, preferences, and unmet needs. The personas have been created using three core attributes: age, marital status, and their preferred financial services (FS) provider type, i.e. traditional banks and credit unions, or alternative providers such as digital challenger banks, Big Tech, fintech, digital wallets, and retailers.

Current Account Provider Preference, 2022

Current Account Provider Preference, 2022

To know more about the customer personas in the Australia retail banking market, download a free report sample

The personas provided in the Australia Retail Banking Analysis report give a comprehensive overview of how a person in this group views their financial life considering their detailed demographic information, impending life events, unmet needs and frustrations, and opinions and preferences in banking, particularly in terms of their attitudes toward digital banks and non-bank FS providers. The report provides information on where the FS providers are vulnerable and delivers actionable steps that they can take to attract and retain customers. These steps consider each customer’s life stages and goals, and then using this information, identify the key areas that Australian banks should focus on.

Customer Personas Boomer, Generation X, Younger Generation X, Younger Generation Z, and Younger Millennials
Channel Preferences In-Branch, Telephone, Online, Mobile, Video Chat, Instant Message, and Chatbot
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Australia Retail Banking - Customer Personas

The key customer personas in the Australian retail banking sector are Boomer, Generation X, Younger Generation X, Younger Generation Z, and Younger Millennials.

Boomer: She is a loyal customer looking to build her savings as she approaches her retirement. She wants to ensure she has enough money saved to be financially independent without the monthly income she used to have when working. Susan values banks that already have an established reputation, and this her primary reason for preferring to bank with traditional providers. Furthermore, she values branch services, as she prefers to use them for most of her banking needs, which digital-only banks are unable to provide.

Generation X: She is a mother who is looking forward to ensuring financial security and education for her children. Saving for the future and security during retirement are the most important life goals for Generation X. She suffered a health issue two years ago and has become more concerned about her health. She feels as though more planning is needed in her financial life for future security. She feels traditional banks currently provide more customer-focused services and, as a customer who is currently happier with her digital experience, doesn’t feel that banking with a digital-only bank will improve the digital functionality she already has with her traditional bank.

For additional insights about the other customer personas in Australian retail banking, download a free sample report

Australia Retail Banking – Channel Preferences for Banking Activities

The key channel preferences in the retail banking market in Australia are in-branch, telephone, online, mobile, video chat, instant message, and chatbot. Boomers are heavy digital users. They are open to economic online channels for reviewing his finances, conducting regular banking tasks, and even opening an account. Most of them are satisfied with the Australian retail banking services and seeking the provision of better aid when using digital banking and using any new features.

Australia Retail Banking Market Analysis by Channel Preferences of Boomers, 2022

Australia Retail Banking Market Analysis, by Channel Preferences of Boomers

To know more about the channel preferences of boomers in the Australian retail banking market, download a free report sample

Segments Covered in the Report

Customer Personas (2022)

  • Boomer
  • Generation X
  • Younger Generation X
  • Younger Generation Z
  • Younger Millennials

Channel Preferences (2022)

  • In-Branch
  • Telephone
  • Online
  • Mobile
  • Video Chat
  • Instant Message
  • Chatbot

Scope

• Across almost all consumer profiles, online and mobile banking were the two most commonly used channels.

• Many consumer profiles are unhappy with the loyalty rewards they receive.

• Mass affluent customers are likely to be more willing to pay for preferential cashback than any other premium feature a bank could offer.

Reasons to Buy

  • Understand how consumer preferences vary between different types of consumers.
  • Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
  • Identify the areas for improvement that matter to particular consumers.
  • Benefit from the provision of actionable steps that can help your business target specific customer profiles.

Table of Contents

Cluster methodology

Boomer – Susan: The loyal customer

Generation X – Maude: The retirement planner

Younger Generation X – Logan: The family man

Younger Generation Z – Willow: The new worker

Boomer – Peter: The digital banker

Younger Millennial – Benjamin: The young entrepreneur

Appendix

Frequently asked questions

  • What are the key customer personas in the Australia retail banking sector?

    The key customer personas in the Australia retail banking sector are boomer, generation x, younger generation x, younger generation z, and younger millennials.

  • What are the key channel preferences in the retail banking market?

    The key channel preferences in the retail banking market in Australia are in-branch, telephone, online, mobile, video chat, instant message, and chatbot.

  • What are the key criteria of creating the personas?

    The personas have been created using three core attributes: age, marital status, and their preferred financial services (FS) provider type.

  • What do the personas provide?

    A few personas have been created through a cluster analysis (Calinski-Harabasz criterion) of GlobalData’s 2022 Financial Services Consumer Survey to understand Australian survey respondents and their attitudes, preferences, and unmet needs. The personas have been created using three core attributes: age, marital status, and their preferred financial services (FS) provider type, i.e. traditional banks and credit unions, or alternative providers such as digital challenger banks, Big Tech, fintech, digital wallets, and retailers.

Australia Retail Banking Analysis by Consumer Profiles (Boomer, Generation X, Generation Z and Younger Millennial) standard reports
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