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.

Understanding your consumers in a dynamically changing Australian industry

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

• Foreign banks, non-banks and other new players are shaking up the local market, buying market share and changing the rules
• Reduced margins in the home loan market from low interest rates and increased competition are forcing players to find new ways to grow profits
• New technologies and channels are providing valuable sales opportunities as well as innovative ways to meet growing customer needs
• Customers are in the midst of a vast change of the guard, from the Baby Boomers to generations X and Y
• Customer retention and acquisition are becoming more critical in an environment characterised by high rates of churn and product switching
• The branch is back as multi-channel customer servicing becomes the norm
• Investment and superannuation are becoming major growth industries, powered by the baby boomer generation turning 55 early in the new millennium
• Globalisation is providing opportunities overseas for Australian financial services companies

Your information needs

As market competition continues to accelerate, you need fact-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. Nielsen, the world’s leading market research organisation understands your research needs, planning, organising and managing a wide range of research services to the financial services industry.

Financial research products and solutions:
Agribusiness Banking Report
Retail Banking Report
Retail Brokerage Report
High Interest Savings Account Report
Financial Planners Report
Wealth Management Report
Financial Services Monitor