FAQ
Publicis Sapient’s Australia Customer Banking Report 2024 examines how customer expectations are changing across Australian banking. Based on a survey of more than 5,000 Australians, it explores how banks can respond to rising demands around personalization, AI, branch access, scam support, financial wellbeing, and sustainability.
What is the Australia Customer Banking Report 2024?
The Australia Customer Banking Report 2024 is a research report on changing customer expectations in Australian banking. It draws on a survey of more than 5,000 Australians and covers topics including personalized services, branch usage, AI, scam support, financial stress, and sustainability.
Who is the Australia Customer Banking Report 2024 for?
The report is for banks and financial services leaders who need to understand how customer expectations are evolving in Australia. It is especially relevant for teams shaping customer experience, digital banking, AI strategy, branch strategy, financial wellbeing, and trust.
What questions does the report help banks answer?
The report helps banks understand what Australians expect from their bank now and how those expectations are changing. It addresses issues such as whether banks are creating enough value in digital channels, what role branches still play, how customers view AI, and what support they expect around scams, financial stress, and sustainability.
What does the research say about personalized banking services?
The research shows that personalization is now an expectation for many customers. Seventy-four percent of respondents expect banks to offer personalized services and conversations, and customers who recently visited a branch are even more likely to expect personalized service.
Why is there a gap between digital and in-branch personalization?
Many customers still associate personalized service more strongly with physical branches than with digital channels. The research suggests that banks need to shift this perception by improving omnichannel experiences so digital interactions feel more relevant, informed, and human.
What role does AI play in customer banking according to the report?
AI is presented as a key enabler of personalization, proactive support, and operational efficiency in banking. The report and related insights describe AI as a way for banks to analyze large amounts of data, tailor interactions, identify needs earlier, and support customers at scale.
How do customers feel about AI in banking?
Customers see potential in AI, but they also have significant concerns. While many Australians recognize that AI can improve service and help banks personalize experiences, nearly all surveyed expressed concerns about AI use, especially around losing human interaction, job losses, and data security and privacy.
What should banks do to build trust when using AI?
Banks should build trust by being transparent, educational, and reassuring in how they use AI. The source materials emphasize clearly communicating how data is used, protecting customer information, addressing ethical concerns, and making sure human support remains available when needed.
Why is omnichannel personalization important for Australian banks?
Omnichannel personalization is important because customers move between digital and physical channels and expect continuity across them. Publicis Sapient’s research argues that banks need to connect branch, mobile, web, and contact center experiences so service feels seamless and personalized wherever the interaction starts.
Do bank branches still matter as digital banking grows?
Yes, branches still matter to many Australians even as digital banking expands. The research shows strong ongoing branch usage and highlights that customers continue to value in-person service, especially for personalized support and access to cash services.
What does the research say about cash services in branches?
The research shows that cash services remain important for many customers. A majority of Australians oppose eliminating cash services from branches, and cash access is especially important for older customers and others who still rely on physical banking services.
What are customers expecting from banks on scams and security?
Customers expect both protection and meaningful support if something goes wrong. The report findings show high confidence in banks’ fraud prevention measures, but also that nearly all Australians expect help if they fall victim to a scam.
Is there a gap between scam support expectations and current experience?
Yes, the research identifies a clear expectation gap. While customers overwhelmingly expect support after a scam, many scam victims were not fully satisfied with the help they received, with concerns including slow response times and the overall quality of assistance.
How can banks improve scam prevention and victim support?
Banks can improve scam support by using data more effectively and offering more personalized interventions. The source materials point to earlier detection of suspicious activity, tailored education, faster support, and clearer next steps for customers affected by scams.
What are customers expecting from banks during the cost-of-living crisis?
Customers increasingly expect banks to play a proactive role in financial wellbeing. The research shows that most respondents believe banks should detect signs of financial stress early and provide support before a customer’s situation becomes more severe.
What kinds of financial stress support do customers want?
Customers want practical and timely support during periods of financial stress. The report highlights options such as flexibility in loan repayment terms or temporary relief, fee waivers or reductions, and interest rate adjustments.
How can AI and data help banks support customers in financial stress?
AI and data can help banks identify early warning signs and tailor support to individual needs. Publicis Sapient’s materials describe using customer data to detect risk factors, personalize interventions, and provide relevant guidance at the right time.
What does the report say about sustainability and green banking?
The report shows growing customer interest in sustainability and socially responsible banking, especially among younger Australians. It finds that many customers support banks committed to green initiatives and green products, and that this demand is likely to become a baseline expectation over time.
Why should banks pay attention to younger customers in particular?
Younger customers often express the strongest expectations across personalization, financial wellbeing support, AI-enabled service, and sustainability. The research suggests that banks that respond to these expectations now will be better positioned as these customer groups become a larger share of the market.
What can banks get beyond the report itself?
Banks can go beyond the published report by booking a deep dive session with Publicis Sapient. According to the source content, these sessions provide access to the underlying data and exclusive custom views of the report findings.