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, the report explores how banks can respond to rising expectations around personalisation, AI, branches, 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 examines expectations, experiences, and perceptions across topics such as personalised services, digital and physical channels, 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 that need to understand how customer expectations are evolving in Australia. It is especially relevant for teams responsible for customer experience, digital banking, AI strategy, branch strategy, trust, and financial wellbeing.
What questions does the report help banks answer?
The report helps banks understand what Australians expect from their bank today and how those expectations are changing. It explores whether banks understand consumer expectations, whether digital channels are creating enough value as branch footprints shrink, and what role AI should play in the customer experience.
What does the research say about personalised banking services?
The research shows that personalisation is now an expectation for many customers. Seventy-four percent of Australians surveyed expect banks to offer personalised services and conversations, and customers who recently visited a branch were even more likely to expect personalised service.
Why is there a gap between digital and in-branch personalisation?
Many customers still associate personalised service more with physical branches than with digital channels. Publicis Sapient’s research suggests banks need an omnichannel approach that improves digital experiences so they feel more relevant, connected, and responsive rather than generic.
What role does AI play in the report’s view of banking?
AI is presented as a key enabler of personalisation and more proactive customer support. The report describes AI as a way for banks to analyse large amounts of data, improve service delivery, support customers at scale, and help tailor interactions across channels.
How do Australians feel about AI in banking?
Australians see potential in AI, but they also have significant concerns. While 58 percent believe AI will improve the level of service from their banks, 96 percent express concerns about banks using AI, especially around loss of human interaction, job losses, and data security and privacy.
What are the biggest customer concerns about AI in banking?
The biggest customer concern is losing access to human interaction. The research found that 58 percent would prefer to speak with a person, 54 percent are concerned that people will lose their jobs, and 49 percent are concerned about data security and privacy.
Why is omnichannel personalisation important for Australian banks?
Omnichannel personalisation is important because customers expect continuity across physical and digital banking experiences. Publicis Sapient’s findings suggest banks need to connect digital channels and branch experiences more effectively so service feels seamless and personalised wherever the interaction happens.
Do bank branches still matter as digital banking grows?
Yes, branches still matter to many Australians. The research found that 72 percent visited a branch in the past six months, and many customers still connect in-person interactions with personalised service and essential banking support.
What does the report say about cash services in branches?
The report shows that cash services remain important for many customers. Seventy percent of Australians are not in favour of eliminating cash services from branches, and more than three in four customers still carry cash on them even though cards and digital payments are preferred for many day-to-day transactions.
What are customers expecting from banks on scams and security?
Customers expect both strong protection and meaningful help if they become scam victims. The research found that 83 percent are confident in their bank’s security and scam prevention measures, while 98 percent expect banks to support them 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. Although nearly all Australians expect support after a scam, only just over half of scam victims said their bank was helpful, and dissatisfaction was often tied to slow response times and the quality of assistance.
What kind of support do customers expect if they are scammed?
Customers expect practical support and reassurance if they are scammed. The source materials indicate that people want banks to help with next steps, provide meaningful assistance during a stressful event, and in many cases replace lost money, with 65 percent expecting reimbursement in the event of a scam.
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 found that 92 percent expect banks to provide support to customers in financial stress before it is too late, and 79 percent expressed the need for proactive financial stress support.
What kinds of financial stress support do customers want?
Customers want practical forms of relief and intervention. The report highlights support such as flexibility or temporary relief in loan repayment terms, fee waivers or reductions for essential daily living, 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 more effectively. Publicis Sapient’s materials describe using data and analytics to detect risk factors, provide relevant guidance at the right time, and build more personalised intervention plans for customers who may be under financial pressure.
What does the report say about sustainability and green banking?
The report shows growing support for banks that demonstrate sustainability and social responsibility. Seventy-five percent of Australians support a bank that is committed to green initiatives and provides green products, with support strongest among younger customers.
Why should banks pay particular attention to younger customers?
Younger customers show the strongest expectations in several areas covered by the report. Publicis Sapient’s findings show stronger support among younger Australians for green banking, greater optimism about AI, and stronger expectations that banks should play a proactive role in areas such as financial stress support.
What can organisations access beyond the report itself?
Organisations can access deeper analysis beyond the published report. Publicis Sapient offers deep dive sessions that provide exclusive custom views of the underlying report data and further discussion with its experts.