Transaction Account Switching in Australia: Opportunities and Challenges

Date: 2015-11

Its size makes the Australian switching market an attractive target. However, past switchers are significantly more likely to switch again, which means that fostering loyalty among a non-loyal segment is critical. Without a well-developed retention strategy already in place, targeting switchers will simply add to customer churn and prove to be a costly, temporary boost to client numbers.

– Learn how switchers compare to loyal customers with respect to their attitudes, behaviors, and product holding.
– Size the local transaction account switching market.
– Understand how to engage with switchers and potential switchers to increase retention rates.
– Understand why Australians are switching their main transaction account provider.
– Learn about future trends that will affect transaction account switching in the next few years.

– How can switchers be transformed into a lucrative target segment?
– Why do Australians switch their main transaction account provider?
– How can ADIs engage with switchers to foster loyalty?

Key Highlights
Increased competition for transaction accounts has resulted in more Australians switching their main account. In particular, younger customers are prone to switching, making it critical to engage with this target segment more effectively.

Given that switchers are more likely to switch again, it is critical to encourage loyalty among former switchers. To achieve this providers need to understand why customers switched in the first place.

Potential switchers are social media enthusiasts, which means that a sound social media strategy is key to retaining customers who are considering switching or reaching out to new ones.”

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