Australia Retail Banking: Competitor Benchmarking 2024

Australia Retail Banking: Competitor Benchmarking 2024

Summary

This report benchmarks the largest retail banks in Australia across a range of financial and customer satisfaction metrics. The report analyzes gains/losses in market share, depth of customer relationships, consumer pain points, and key metrics including NPS, cross-selling, and digital satisfaction.

The Australian retail banking landscape is undergoing significant shifts as digital-first banking, customer engagement, and competitive product offerings redefine the market. The Big Four banks-ANZ, Westpac, NAB, and CommBank-continue to dominate, but smaller banks are gaining traction by providing niche, customer-centric services.

Scope

• ANZ leads with nearly 75% of its customers holding three or more products, while ING lags in credit card penetration (-31 percentage points below average).
• ING leads digital banking usage, with 93% of its customers being digitally active. However, Bendigo and Adelaide Bank struggles despite high satisfaction rates among existing users.
• CommBank retains the highest proportion of customers from childhood, while Bendigo and Adelaide Bank has the most customer acquisitions in the past year.

• Develop an understanding of the composition of the Australian retail banking market.
• Learn which banks are succeeding and which are failing across various metrics, ranging from profitability to Net Promoter Score.
• Identify the actionable steps that need to be taken by Australian banks to address their biggest shortcomings.