Australian Retail Deposits Market opportunity, Analysis, growing deposit values,
Posted by Deeksha on May 13th, 2019
Market Research Hub (MRH) has actively included a new research study titled “Australian Retail Deposits: Forecasts and Opportunities” to its wide online repository. The concerned market is discoursed based on a variety of market influential factors such as drivers, opportunities and restraints. This study tends to inform the readers about the current as well as future market scenarios extending up to the period. In addition, a deep analysis of the competitive landscape, including prime market players is also enclosed in this report.
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Australian Retail Deposits: Forecasts and Opportunities
"Australian Retail Deposits: Forecasts and Opportunities", report examines the retail deposit market in Australia, analyzing how market forces will influence customers' ability and willingness to save, what impact new products, innovations, and strategies will have on the savings market, and consumer attitudes towards saving and personal finance.
The retail deposit market in Australia has had years of strong growth, surpassing Atn for the first time at the end of 2016. Growth is slowing in the market as under-employment, low wage inflation, and low APRs have taken their toll, and these factors will continue to constrain growth in the near future. Sharper targeting of those consumers with the fastest-growing deposit values, such as the over-65s, is therefore required to ensure adequate funding of retail banks balance sheets.
- Fee income from accounts has fallen in recent years, though total banking fees charged to households have stagnated.
- Retail savings and investments are dominated by deposits, and this trend is not expected to change.
- Much of the growth in deposit values has been driven by instant-access products, as the interest rate premium on term deposits has narrowed.
- Older, mass affluent households remain the mainstay of the market, despite a more diversified portfolio.
- Account switching is largely confined to the millennials market.
Reasons to buy
- What are the factors that will affect the savings market in 2017 and beyond?
- What strategies will be most effective in attracting new retail deposits?
- Which new savings innovations are being introduced to the market?
- How much of an impact will regulatory developments have on the operation of the Australia deposit market?
- How will consumers' desire to increase their savings interact with a challenging economic climate?
- How will the latest consumer behavioral trends affect the products demanded in the retail savings market?
- How can financial services providers acquire new deposit customers?
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Table of Contents
EXECUTIVE SUMMARY 2
1.1. Australias retail deposit market still offers growth opportunity 2
1.2. Key findings 2
1.3. Critical success factors 2
2. SIZING AND FORECASTING 4
2.1. By 2021 retail deposits will have grown by almost half a trillion dollars 4
2.1.1. Australias retail savings will grow more slowly, requiring more refined customer targeting 4
2.1.2. Lower net saving has constrained retail deposit growth but the market has reached Atn 4
2.1.3. Deposits will grow as a share of national savings, mainly due to the expected increase in rates 8
2.2. Certificates of deposit are in long-term decline due to low rates 9
2.2.1. Deposits in transaction accounts and instant-access savings or cash management accounts have grown 9
2.2.2. The shift in deposit products is the result of a convergence in APRs as rates have declined 10
2.3. Regional deposit markets are heavily skewed towards the largest states 12
2.3.1. The East coast dominates the deposit market with little change forecast 12
2.3.2. Total deposit growth is largely dependent upon average deposit growth in such a mature market 13
3. DRIVERS OF GROWTH AND PRODUCT 15
3.1. Macroeconomic conditions are mixed, moderating growth 15
3.1.1. Net saving by households is trending down from its post-financial crisis highs, though it remains elevated 15
3.1.2. Renewed growth in wages and employment will support deposit growth, albeit modestly 17
4. CUSTOMER SEGMENTS 20
4.1. Mass affluent households are the prime large deposit market 20
4.1.1. The mass affluent are still content to lock away wealth in deposits 20
4.1.2. Mass affluent numbers are trending up, representing a larger market opportunity 21
4.2. Switchers are few and far between and involve poaching the main financial institution relationship 22
4.2.1. With a homogenized market, interesting consumers in new brands is a challenge 23
4.2.2. Targeting switchers will result in a younger customer base 24
4.2.3. Switchers are mostly motivated by push factors, making them hard to appeal to 25
4.3. Young people and students are the easiest to convert but are tricky to retain 26
4.3.1. Younger consumers are cheap to serve but expensive to retain 26
4.3.2. Digital channels must form the core of acquisition and servicing 28
4.3.3. Older consumers are likely to give ADIs the largest deposits and are a growth market even if they are difficult to attract 28
5. COMPETITIVE DYNAMICS 30
5.1. The big four dominate the retail savings market 30
5.1.1. The dominant savings brands in the market are mainly the largest banks 30
5.1.2. Commonwealth Bank retains a leading market share 30
5.1.3. Both NAB and ANZ saw market share slip slightly in 2016 30