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Navigating the future of finance in the changing landscape of banking
As emerging technologies transform the banking landscape, banks are at a crucial juncture: embrace innovation by delivering personalised and consumer-centric offerings or risk obsolescence. Confronted by challenges from both within and beyond their industry, Australian banks are contemplating the future: what significance and function will banks hold in society a decade from now?
Our Customer Banking Report draws on a survey where we spoke to more than 5,000 Australians from all walks of life to gauge their expectations, experiences, and perspectives of the country's banking sector. The findings cover a broad range of topics, from expectations of customers when it comes to personalised services to how customers engage with their bank through traditional branches. The report reveals how AI has emerged as a key enabler as banks deliver personalised services, scam support, financial stress and product offerings.
Your go-to guide to staying on top of customer banking expectations and experiences
Asked to select industries they respected most for their benefit to society, Australians placed Healthcare/Medicine (56%), Education/Academia (35%) and Retail/Foods Services/Hospitality (24%) as their top three. At just 13%, Financial Services/Banking came ninth out of the thirteen industries.
A large majority of Australian bank customers (74%) expect banks to offer personalised services. While 58% of customers believe that AI will improve the level of service from their bank, almost all Australians (96%) express concerns about banks using AI technology.
72% of Australians have visited a bank branch in the past 6 months, and 60% within the past 3 months. Customers who primarily use cash for everyday purchases (62%) were most likely to visit a branch in the past month.
With technology redefining banking, banks need to lead with personalised, AI-enhanced services or fall behind.
Banks need to strike the right balance between human touch and digital convenience to ensure customer expectations are addressed.
Banks must leverage readily accessible data to identify and support customers experiencing financial stress.
Banks must provide greater personalisation to tailor services to meet individual needs in a cost-effective way.
Banks should think beyond existing products and provide green services that support customers’ sustainability ambitions.
Banks must provide personalised support to retain customers and ensure a meaningful customer lifecycle experience.
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