Trends Report

Australian Consumers Are Warming Up To Digital Financial Services Firms

August 19th, 2019
Zhi-Ying Barry, Principal Analyst
Zhi-Ying Barry Principal Analyst
With contributors:
Michael Barnes , Seles Sebastin , Bill Nagel

Summary

Disruption in the Australian financial services sector is accelerating. More digital banks and superannuation firms have entered the market in the past year — all aiming to grab market share from the incumbents. Our research indicates that a growing number of Australian consumers will gravitate toward digital startups. Incumbent financial services firms must take this threat seriously. Digital business leaders should read this report to understand who these consumers are and why Australians would consider switching to another financial services provider.

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