Abstract
Overview
Introduction
The high interest deposit market is undergoing rapid change, driven by
competition and technology. Online savings products have allowed a range of
new players to enter the market, and have forced interest rates upward. The
currently turbulent financial markets have sparked renewed interest in
deposits, and so the high interest deposit market is set to continue being
very competitive.
Scope
- Includes a comprehensive overview of the Australian high interest deposit
market.
- Draws upon a large Datamonitor' s consumer survey of Australian savings
account holders.
- Discusses traditional savings accounts, online savings accounts, CMAs,
CMTs, term deposits and offset accounts.
- Includes market overview, analysis of consumer behaviour, competitor
dynamics and future developments.
Report Highlights
Online banking made managing banking business even easier for consumers, as
well as enabling new competitors to enter the market. Foreign banks,
previously hampered by their lack of branch coverage, could now compete with
the major Australian financial institutions.
At the same time that lenders have refocused their efforts to attract deposit
customers and become more risk-averse, consumers have become more cautious as
a response to the uncertain financial outlook. A shaky stock market has helped
shift consumer focus toward deposits. It is thus clear that both supply and
demand for deposit products is rising.
The new Australian government has pledged to restrict switching fees for
financial products, in a bid to make switching easier for consumers, to
encourage competition in the market. Another potential legislative change
could be a mandate that banks simplify the process of carrying over direct
debits when consumers wish to switch accounts.
Reasons to Purchase
- Improve your strategic position using Datamonitor' s in-depth analysis of
the Australian high interest savings account market.
- Understand the unique challenges the high interest deposit market is
facing, and benefit from forecasts of future product trends.
- Gain insight into the current mindset of Australian high interest deposit
customers.
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