Fee-Based Banking in Australia: Sizing the Market Opportunity - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-14 02:10:04
The Australian retail banking market is going through a period of transition, and fewer consumers are willing to pay for everyday banking services. However, there is an opportunity in offering packaged accounts. This report sizes the market opportunity, analyzes the benefits to providers of fee-based accounts, and explores how to develop these opportunities.
- Discover how big the fee based packaged account market in the Australia is, and how big it can realistically expect to grow.
- Understand how the Australian marketed is segmented with respect to users and non-users of fee-based transaction accounts.
- Learn what strategies will provide most effective in increasing packaged account uptake, loyalty, and profitability for each segment.
- Overcome customer inertia by recognizing the reasons for not holding a packaged account.
Benefits of moving towards a fee-based packaged account strategy include higher revenue generation, greater customer retention and acquisition. It is possible to segment consumers based on their use of and attitudes toward packaged accounts, and to create strategies for each segment aimed at encouraging the migration from free to fee-based banking.
We have identified seven distinct consumer segments based on usage of and attitudes toward packaged accounts. Each segment displays different characteristics, and banks consequently need to employ different strategies to reach out to each group.
Packaged accounts have realistic potential to make up 8.8% of the overall transaction account market. To maximize revenue generation, providers must demonstrate the value consumers can derive from such accounts and emphasize the convenience afforded by fee-paying accounts.
Reasons to Buy
- How many fee paying transaction accounts are there in Australia and what is their value to providers?
- How big a share of the market will packaged transaction accounts reach?
- What account features appeal most to different consumer segments?
- What differentiates fee-paying from free banking consumers in terms of their behaviour and attitudes?
- What strategies can organization employ to maximize the acquisition of packaged account customers?
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