Australians' perception of the banking industry is at rock bottom. Banks and financial services rank at the lowest of sectors seen to "benefit society" - a low statistic equalled only by Government. While 56 percent of people surveyed saw healthcare as most respected for benefit to society overall, and 35 percent respected education as an industry, just 13 percent held the same sentiment towards banks.
There's clearly a huge gap to be addressed. It comes as technology is rapidly reshaping the banking industry beyond recognition. Banks face a stark choice: lead the way by offering personalised, AI-enabled, customer-focused products and services, or get left behind. Under pressure from within and without, Australian banks are looking at what the future of their business models might be: what will the value and role of a bank be to society in five to ten years?
Publicis Sapient has carried out a landmark survey to look at customer attitudes and expectations in this changing landscape, and how banks should respond to ensure they remain competitive in future. We spoke with more than 5,000 Australians from all walks of life to understand how they interact with their banks today, and how they expect to engage tomorrow.
Macro events such as the Royal Commission and the pandemic have influenced perceptions and attitudes to banking. Australians perceive banks as secure, responsible and trustworthy, however they also view them as expensive and unaccountable. Banks must ensure their strategies are aligned with changing trends.
The findings cover a broad range of topics, from the cost-of-living crisis and the purpose of physical bank branches to the rise of AI. The survey identifies five key trends that we see running through the responses, and the critical actions that banks must take to address them.
