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Banking Disruption: Australians’ Shift in Focus towards Credit Unions, Mutuals and Second Tier Banks

Backbase commissioned a consumer research in Australia to assess how customers of Australia’s biggest 10 banks are changing their digital banking behaviours and their attitudes towards banks and the banking industry as digital banking evolves and financial pressures continue to grow.

One of the key findings from the research indicates Australians’ increasing propensity to switch out from their current primary bank of choice to a new financial institution, and the motivations behind. The ebook also details how consumers are currently interacting with their banks in-person, online, and via mobile apps.

Key Takeaways

  • Changing pace and new demands within the banking landscape
  • Digital banking expectations
  • Increasing consideration towards credit unions, mutuals and second tier banks
  • New technologies as enablers for second tier banks to build digital trust
  • Availability of banking platform technology to level the playing field

Download the ebook

There is a clear opportunity here for second tier banks to meet these new customer expectations while one in ten customers are still determining where to move their finances.

Iman Ghodosi,
Managing Director of Backbase ANZ