When it comes to personal banking and our interactions with the big four banks, research by Nielsen and Commercial Radio Australia has revealed that 69 per cent of Aussie radio listeners are very or quite satisfied with their main financial institution, while 6 per cent are not very or not at all satisfied.
While the proportion of dissatisfied banking customers may be a small, the report noted that they still represent big dollars if they decide to switch banking providers.
Around 11 per cent of commercial radio listeners say they are very or quite likely to change their main financial institution in the next six months, with high fees and charges (19 per cent) and poor interest rates (14 per cent) the most prevalent reasons for doing so.
The research also revealed that around 19 per cent of Aussie commercial radio listeners currently feel they have no money spare for those little extras in life. However, at the other end of the spectrum, 21 per cent of consumers feel financially free and are building up their savings.
Furthermore, 22 per cent of commercial radio listeners say their investment/savings priority for the next two to three years is for a car or holiday, while 18 per cent are focused on paying off their home, and a further 18 per cent are saving for retirement.
David Burge, associate director of Media Industry Group at Nielsen, said consumers’ current financial position and priorities influences the type of financial institution they would prefer to do business with.
“Those who say they ‘have no money to spare’ are more likely to want their bank to handle all their financial matters; while at the other end of the spectrum, those who say they are ‘financially free’ are more likely to deal with multiple providers/services,” he said.
“Segmenting the consumer banking market according to their different characteristics and needs is imperative as advertisers and media publishers need to understand these dynamics when talking to these individual groups.
“Commercial radio is well-placed to reach consumers in each financial segment – breakfast, morning and afternoon sessions are the prime times, each reaching between 36 per cent and 50 per cent of the segments.”