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.”
Any reference to Australia or Australians in this report means consumers across the five major capital cities in Australia.
Coca-Cola Australia has rolled out its new campaign ‘Turn Up Your Break’. The campaign will be led by a TVC that encourages people to truly pause with a Coke on their break so they can walk away feeling refreshed and uplifted. The TVC features two busy chefs stepping outside for a break, the bustling kitchen […]
Nova 919’s Ben & Liam breakfast show announced that they’ll be throwing their support behind and raising awareness for a cause very close to their hearts, mental health. On Monday 21 June Ben Harvey and Liam Stapleton will be locked in a purpose-built glass structure, in the middle of Rundle Mall, for an entire week […]
TRENDii has announced TRENDii Ads, a new contextual advertising solution that leverages content and context to promote eCommerce products at scale around the world. TRENDii Ads is user privacy friendly and offers a new way for businesses and brands to target consumers at the moment that they are most inspired to shop. “We believe good […]
ARN and The New York Times have reached an agreement for ARN to become the advertising sales representative for The New York Times’s podcast portfolio in Australia. The deal will enable Australian brands to connect with Australian listeners to The New York Times’s most popular podcasts, such as The Daily, Serial and This American Life, […]
Verizon Media’s talent program has come to an end for the third year, closing with a hybrid pitch-off event for Musicians Making A Difference (MMAD). The Verizon Media Academy class of 2021, made up of 44 emerging leaders from across Australia and New Zealand media, advertising and marketing industry, were given just one hour to […]
Social purpose organisation UnLtd’s Big Games competition has raised a combined $85,000 for children and young people at risk. Running over five weeks, the competition involved 32 teams from across the advertising, marketing and media industries battling it out virtually for a chance to qualify for the Rocket League final. The tournament culminated in a […]
Stan has announced that the Stan Original Film Transfusion commenced filming in Sydney earlier this week and will premiere on Stan in 2022. Transfusion is a taut, muscular thriller starring Sam Worthington (Avatar) as Ryan Logan, a former Special Forces operative, who is battling to cope with life after the loss of his wife and is thrust […]
According to a decade of data collected by iStock, Australian brands turned to imagery depicting outdated gender stereotypes during the pandemic. Tracking the keyword ‘women’, iStock by Getty Images found that in 2020, ANZ brands and businesses reverted to gender stereotypes. Images of mothers home-schooling were used at almost twice the rate of images of […]