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Financial services

Competition for consumers’ wallets is gathering pace, as markets open up and liberalise, financial institutions merge, and new players enter the financial market sector. What was once a unique point of difference is now the norm of the industry. Technology advancement has introduced new options and new competition.

At the same time, consumers have become increasingly demanding - for greater convenience, flexibility, better services and lower prices. They’ve also become less indiscriminate, ready to switch providers the minute a better offer comes along.

A dynamically changing Australian industry

The financial industry in Australia is in the midst of substantial change:

  • Shrunken margins in the home loan market from low interest rates and increased competition are forcing financial institutions to boost fee income to grow profits.
  • Supermarket banking is on the increase
  • "Four pillars" policy currently outlaws mergers between big four banks
  • Financial organisations are converging, eg bancassurance (AMP becoming a bank, banks selling insurance)
  • Globalisation is providing opportunities overseas for Australian financial services companies and threats from foreign banks
  • Investment and superannuation are becoming major growth industries, powered by the baby boomer generation turning 55 early in the new millennium

Understanding your consumers

We understand that, unlike fast moving packaged goods, consumers of financial services are not simply users or non-users. Their relationship with a financial service provider can be segmented into degrees of ‘intimacy’. For example: segmentation of credit card customers by loyalty:

  • I use this ABC Bank credit card exclusively
  • I use this ABC Bank credit card for most of my expenses. It is my main card
  • I use many credit cards about the same way, this ABC Bank credit card is just one of them
  • I hardly use this ABC bank credit card
  • I am considering not renewing this ABC Bank credit card

Your information needs

As market competition continues to accelerate, you need research-based market intelligence for a clear understanding of your consumers, emerging opportunities and threats and the likely market response to change.

  • How can I strengthen my relationship with my customers and keep them loyal?
  • How can I ensure my new product success?
  • How can I reduce my operating costs?
  • What new delivery channels will my customers use most? Are they hooked up to the internet?
  • What about mobile phone usage?
  • How can I measure and grow my brand equity?
  • How do I keep up to date with the latest competitive offerings?
  • Are my competitors outperforming me on advertising?

Only one organisation can provide this level of understanding, integrating in-depth local market knowledge with the technology and resources of a premier market research company. ACNielsen, the world’s leading market research organisation.

ACNielsen understands your research needs, planning, organising and managing a wide range of research services to the financial services industry.

ACNielsen launches new Internet-based research business