Trends Report

Reduce Customer Churn And Drive Banking Customer Loyalty In Australia

October 5th, 2020

Summary

Digital banking strategy pros in Australia must address the concerns of their customers who are looking to change banks. Data from the Forrester Analytics® Consumer Technographics Asia Pacific Financial Services 1 Survey, 2020, reveals the reasons for churn. Australian online adults are shopping around for new financial service providers. In the past 12 months, 22% opened a new savings account with a new financial institution; 20% opened a new current/transaction account with another financial services provider; and 14% purchased a new car insurance product. Incumbent banks’ inability to meet customer expectations has led to customer churn; six in 10 Australian online adults closed their old accounts when they opened a new account. Australian online adults change banks because they have found a financial provider that can help them improve their financial well-being, a friend/family member recommended a different provider, or they want to consolidate their accounts. For further information, read The Financial Well-Being Opportunity and book an inquiry for help.

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