State of the Nation Report 18 - Spotlight on the Financial Services Market since 1997 (Apr 2014)

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Australia ID#: 30-01-05-018
Australia’s financial services market has seen some dramatic changes since the last Financial System Inquiry (Wallis Report) in 1997, from the Global Financial Crisis to major developments in technology, competition and retirement funding.

With the 2014 Financial System Inquiry now underway, this report collates and evaluates 17 years’ worth of consumer-focused financial metrics to deliver an insightful, detailed account of the dynamics of this complex market from then to now.

The report will explore three of the main issues that shaped the 1997 inquiry:
  • Competition in financial services: Have new entrants and shifting market dynamics encouraged increased competition or are the Big Four Banks as dominant as ever? How well are providers meeting the needs of consumers?
  • Impact of technology on financial services: How consumer attitudes to branch banking have changed as internet banking has become prevalent.
  • Retirement funding and the super boom: Who’s ready to retire? How do people view financial planners?
More relevant and compelling than ever, these issues will inform the 2014 inquiry.

About this Report

Based on over 720,000 interviews with Australians, this report gives you an unparalleled perspective on how trends have changed over the last fifteen years among the Australian population and how people feel now.

The topics covered in this report include:
  • SOCIETY: Ageing population; Rising education level; Household size; Home ownership decreasing; Increasing population diversity; Australians becoming more progressive; Less concern with safety and security; Food and health; Changing leisure activities.
  • TECHNOLOGY: Telecommunication revolution; Rapid adoption of technological products; Internet growth changing media consumption; Shopping online; Banking online.
  • ECONOMY: Unemployment; Under-employment; Roy Morgan Consumer Confidence and Business Confidence; Business outlook and opinion; Housing interest rates; Term deposit rates; Petrol prices; Exchange rates; Share market; Total Superannuation assets; Attitudes towards the economy, finance and the government.
  • POLITICS: Voting intentions.
  • ENVIRONMENT: Environment an important issue; Taking action is the next step.
  • SPOTLIGHT on changes in the Financial Services Market since the 1997 Financial System Inquiry (Wallis Report): Financial Service growth ten times population growth, Superannuation and Lending the major drivers of growth, Increased dominance of the over 50's market, Technology makes impact on channel selection, 'Share of wallet' rising but remains low, Challenge to improve the satisfaction level of high value customers, Poor image of financial planners.

Benefits of this Report

Access to this report will provide you with the most up-to-date understanding of the trends and issues that face Australians today. Armed with these detailed insights, Australians and businesses in Australia will be better placed to rise to challenges created by the changing political climate in the nation. It will also give great insight to those campaigning for various issues and policies to refine their approaches and sharpen their strategies.

With access to these insights and trends, this report will equip you with all the necessary quantitative trend data for your market review, strategic marketing planning, advertising brief development, management update presentation or conference address.

Additional Information & Insights

The insights are drawn from Roy Morgan Single Source, an ongoing face-to-face survey of over 50,000 Australians annually. This report is updated quarterly and is presented in the format of trended charts and data tables.

Time Period: Dec-13
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