Published on : Aug 03, 2017
Albany, New York, August 3, 2017: The Australian economy has prospered over the last quarter of a century. In some measure, this can be attributed to the robustness and competitiveness of its financial system. Market Research Hub (MRH) has recently announced the inclusion of a new study to its wide repository, which is entitled as "Australian Retail Deposits: Forecasts and Opportunities". This report examines the retail deposit market in Australia, analyzing how market forces will influence customers' ability and willingness to save. Additionally, what impact new products, innovations and strategies will have on the savings market, and consumer attitudes towards saving and personal finance are also analyzed deeply.
This report analyzes the Australian market, based on consumer attitudes and examines the factors that are expected to drive market growth. The report studies that most of the household savings are deposited into savings accounts, which is a good indication that the Australian consumers are saving for larger purchases. Also, deposits in transaction accounts and instant-access savings or cash management accounts have grown. Currently, mass affluent households are the prime large deposit market and representing a large market opportunity. As per the 2017 study, net saving by households is trending down from its post-financial crisis highs, though it remains higher.
Moreover, the report also presents facts and figures on the market sizing and forecast until the end of 2021. This section includes the market data that highlights market previous performance and consumers preferences towards saving market. The retail deposit market in Australia has had years of strong growth, surpassing A$1tn for the first time at the end of 2016. At present, growth is slowing in the market as under-employment, low wage inflation, and low APRs have taken their toll, and these factors will continue to constrain market growth in the near future.
Furthermore, the study estimates that Australians retail savings will grow more slowly, requiring more refined customer targeting. Sharper targeting of those consumers with the fastest-growing deposit values, such as the over-65s, is therefore required to ensure adequate funding of retail banks balance sheets. Much of the growth in deposit values have been driven by instant-access products. The consumer segment of the report also analyzes the latest consumer behavioral trends that will affect the products demanded in the retail savings market.
Companies operating in this market are Commonwealth Bank of Australia, NAB, Westpac, St.George Bank, Suncorp, ANZ, Bankwest, Macquarie Bank, ME Bank, Citibank, CUA, ING and HSBC. Of these, Commonwealth Bank retains a leading market share, while in 2016, both NAB and ANZ saw market share slip slightly. The study also finds that 2017 budget will likely to stoke competition for retail deposits from Australias largest ADIs.
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