Customer Experience Management Study—Australia’s Banking Sector 2015

Customer Experience Management Study—Australia’s Banking Sector 2015

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.

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.

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.

About this report

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.

  • Research Methodology
    • Frost & Sullivan Research Approach
    • Frost & Sullivan Research Step-by-Step Overview
    • Overview of Research Process
    • Sample Methodology
    • Data Collection Quality Process
    • Sample Distribution by Primary Bank
    • Sample Demographics-Age and Gender
    • Sample Demographics-Main Products Purchased
    • Frost & Sullivan Customer Experience Index
  • Executive Summary
    • Customer Experience Management (CEM) for Australia's Retail Banking in 2015-Introduction
    • Customer Experience-Definition
    • Factors for Choosing Primary Bank
    • Reason for Service Discontinuation
    • Preferred Channel Across Stages
    • Online vs. Call Centre
    • Customer Experience Index Score-Definition and Score
    • Overall Customer Experience Index (CEI) Score by Bank
    • Net Promoter Score (NPS)
    • Channel Integration
    • Product and Service Recommendation by Banks in Australia
    • Customer Loyalty Reward
  • CEM Study-Australia's Retail Banking Sector 2015
    • Reason for Service Discontinuation
    • Service Discontinuation Breakdown
    • Most Often Used Channels for Banking
    • Average Frequency of Branch Visit by Primary Bank
    • Top Channels by Transaction
    • Customers' Priority-Experience Matrix
    • Customers' Frequency-Experience Matrix
    • Degree of Channel Integration
    • Priority of Superior Customer Experience and Living up to Sales Promises
    • Customer Loyalty Reward
    • Proactivity Rating by Bank
    • Customer Experience with Touchpoints
  • Understanding Pre-Purchase Behaviour
    • Factors for Choosing Primary Bank
    • Product and Service Recommendation by Banks in Australia
    • Channel Used at Pre-Purchase Stage
    • Channel Used for Pre-Purchase Enquiry
    • Customer Experience with Touchpoints
    • Evaluation of Experience in the Pre-Purchase Stage by Indicators
  • Understanding Purchase Behaviour
    • Channel Used
    • Customer Experience with Touchpoints
    • Degree of Satisfaction/Dissatisfaction-Branch Channel
    • Degree of Satisfaction/Dissatisfaction-Online & Mobile App Channels
    • Degree of Satisfaction/Dissatisfaction-ATM & Sales Agent
    • Degree of Satisfaction/Dissatisfaction-Call Centre
  • Understanding Post-Purchase Behaviour
    • Channels Revisited for Post-Sale Enquiry
    • Channel Used for Post-Purchase Enquiry
    • Customer Experience with Touchpoints
    • Evaluation of Experience at the Post-Purchase Stage by Customer Experience Indicators
  • Analysis by Customer Experience Index (CEI)
    • Customer Loyalty, Recommendation and Additional Purchase
    • Overall CEI Score by Channels/Touchpoints
    • Overall CEI Score by Bank
    • CEI Score for Online
    • CEI Score for Mobile
    • CEI Score for Self-Service (ATM)
    • CEI Score for Branch
    • CEI Score for Call Centre
    • Net Promoter Score (NPS)
  • Analysis by Company-Commonwealth Bank of Australia
    • Commonwealth Bank of Australia-Customer Transaction Preference
      • Table CBA's Customer Transaction Preference Breakdown
    • Commonwealth Bank of Australia-Customer Priority-Experience Profile
    • Commonwealth Bank of Australia-Frequency of Interaction-Customer Experience
    • Commonwealth Bank of Australia-Rating for Competitive Factors
  • Analysis by Company-Westpac
    • Westpac-Customer Transaction Preference
      • Table Westpac's Customer Transaction Preference Breakdown
    • Westpac: Customer Priority-Experience Profile
    • Westpac: Frequency of Interaction-Customer Experience Profile
    • Westpac-Rating for Competitive Factors
  • Analysis by Company-ANZ Bank
    • ANZ Bank-Customer Transactions' Preference
      • Table ANZ Bank's Customer Transaction Preference Breakdown
    • ANZ Bank: Customer Priority-Experience Profile
    • ANZ Bank: Frequency of Interaction-Customer Experience Profile
    • ANZ Bank-Rating for Competitive Factors
  • Analysis by Company-National Australia Bank
    • National Australia Bank-Customer Transaction Preference
      • Table National Australia Bank's Customer Transaction Preference Breakdown
    • National Australia Bank-Customer Priority-Experience Profile
    • National Australia Bank: Frequency of Interaction-Customer Experience Profile
    • National Australia Bank's Rating for Competitive Factors
  • Analysis by Company-Bankwest
    • Bankwest-Customer Transaction Preference
      • Table Bankwest's Customer Transaction Preference Breakdown
    • Bankwest: Customer Priority-Experience Profile
    • Bankwest: Frequency of Interaction-Customer Experience Profile
    • Bankwest-Rating for Competitive Factors
  • Final Words-What We are Excited About
    • Would Improving Customer Rewards Programme be a Game-changer?
    • Would Banks be Able to Better Understand Customers' Needs and Demands in this Online-driven Industry?
    • Would Banks Still Benefit from Giving Better Rates After Regulator Intervention?
  • Frost & Sullivan's Customer Experience Solutions
    • Why Frost & Sullivan
    • Customer Experience-Definition
    • Integrating Process, People and Infrastructure
    • Frost & Sullivan's Customer Experience Maturity Model
    • A 5-step Strategic Approach
  • Appendix
    • Definitions

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook