Online Banking: Sizing the Australian Market Opportunity



Verdict Financial

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This report explores the balance between maintaining an online banking proposition that allows consumers to carry out their day-to-day banking and introducing additional features such as personal financial management (PFM). As online banking becomes widely adopted, it is mostly being utilized for basic processes; however, the channel has the potential to be an essential communications channel.

Defines the state of the Australian online banking channel and the consumers using it.
Examines the challenges that Australian banks are facing in the online banking space
Maximize the potential of the online channel by ensuring that innovation aligns with customer needs.
Use the online banking channel to acquire new customers and to retain them.

What is the current state of the online banking channel in Australia?
What are consumers in Australia expecting from an online banking platform?
What are the key challenges of the online channel for banks in Australia?
How can banks in Australia maximize their opportunities with online banking?

Key Highlights
There is no significant variation between the online offerings of the top Australian providers and the ease of use of these platforms. Providers must ensure that the relationship with online customers is maintained.

Ensuring that the basic functionality of online platforms works is important, with consumers less interested in additional functionality such as PFM. Online advice and guidance will be important as more and more consumers start to use the online channel for their banking.