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Customer Experience Management Study—Australia’s Banking Sector 2015

  • December 2015
  • 107 pages
  • Frost & Sullivan
Report ID: 3467045

Summary

Table of Contents

Benchmarking Industry Excellence in Delivering Superior Customer Experience

Customer experience is the accumulation of customers’ experiences throughout their journey with the supplier, across any and all functions, products/services, and various touchpoints. Frost & Sullivan explores the relationship of the experiences provided by Australia's retail banks. This research service takes a look at the critical factors that influence customer behaviour throughout the three phases—pre-purchase, purchase and post-purchase—of their journey through banks' touchpoints. The research service utilises our proprietary Customer Experience Index (CEI) methodology, as well as the widely used Net Promoter Scores SM (NPS) methodology to understand the dynamics of the interactions between customers and their primary banks.

Sample Methodology
1. Sample Design
The sample is designed to represents robustly the country’s demographics. Diversity by segments such as state, age, gender, race and urban density is covered.
2. Online Panels
The two-month online survey was conducted across Australia; more than respondents were randomly selected from consumer online panels to answer questions on customer experience attributes for specific industries.
3. Random Sampling
- Consumer panels were approached randomly with an online invitation for this survey. Consumers aged and above who had interacted with their bank in the past months were selected for the survey.
- Each consumer was asked to identify their primary bank—one they interacted with the most in the past months and which they consider as their “primary bank” for this period. Feedback was collated mostly on respondents’ perceptions of their primary bank’s performance, on the basis of their most recent experience.
- Primary banks with a lower base of consumers have not been included for extensive and detailed analysis in this research.

Customer Experience Management (CEM) for Australia’s Retail
Banking in 2015—Introduction
- In May 2015, the Reserve Bank of Australia (RBA), Australia's central bank and banknote issuing authority made its eleventh consecutive interest cut since 2010, which resulted in the country’s historically low rate of %. Banks have capitalised on the RBA’s policy to keep interest rate low in order to encourage borrowing and spending and are engaging in aggressive lending strategies, especially for property financing.
- Industry regulator has since intervened with capital call for these banks to prevent a collapse within the nation’s financial system. This is due to the risk associated with the strong lending activities by decreasing the fixed rate without proper concern on the financial ability of the borrowers. If left unchecked, this would increase the credit default risk which the banks need to bear as a consequence.
- In this study, Frost & Sullivan looks at the critical factors (such as attractive interest rates) that influence customer behaviours throughout the three phases of their banking journey: pre-purchase behaviour (the preferred channel to find out information on product/service); purchase behaviour (the channel/s that customers make transactions); and post-purchase behaviour (the preferred channel/s for the customers to follow up after purchase).

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