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, branch access, scam support, financial stress 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 conducted in January and February 2024. The report covers topics including personalised 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 that 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, trust and financial wellbeing. The report is designed to help organisations align strategy with changing customer behaviour and expectations.
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 issues such as the value of branches, the role of AI in service delivery, expectations around scam support and financial stress, and the growing importance of sustainability. It also identifies gaps between current banking experiences and what customers want next.
What does the research say about personalised banking services?
The research says personalised banking is now a mainstream expectation. Seventy-four percent of respondents expect banks to offer personalised services and conversations. The report describes personalisation as understanding customers’ broader financial situations and guiding them toward suitable products and services.
Why is there a gap between digital and in-branch personalisation?
Many customers still associate personalised service more strongly with physical branches than with digital channels. Customers who visited a branch in the past month were much more likely to expect personalised service than those who had not visited in more than six months. The report suggests banks need stronger omnichannel experiences so digital interactions feel more relevant, informed and human.
What role does AI play in the report’s view of banking?
AI is presented as a key enabler of personalisation and proactive support at scale. The report says AI can help banks analyse large amounts of data and provide more relevant information at the right time. It also positions AI as important for improving service delivery while helping banks balance customer expectations with operational efficiency.
How do Australians feel about AI in banking?
Australians see potential in AI, but they also have strong concerns. Fifty-eight percent believe AI will improve service quality from their bank in the coming years, yet 96 percent express concerns about banks using AI. The report shows that customer sentiment is split between interest in better service and caution about how AI may affect the banking experience.
What are the biggest customer concerns about AI in banking?
The biggest concerns are around losing human interaction, job losses, and data security and privacy. Fifty-eight percent say they would prefer to speak with a person, 54 percent are concerned about people losing jobs, and 49 percent are concerned about data security and privacy. The report also notes frustration when AI cannot understand or resolve issues as well as a human can.
Why is omnichannel personalisation important for Australian banks?
Omnichannel personalisation is important because customers move between physical and digital channels and expect continuity across them. The report says banks need to connect branch, mobile, web and service interactions so customers receive more seamless and relevant experiences. This is especially important as customer behaviour shifts toward digital while expectations of branch-based service remain high.
Do bank branches still matter as digital banking grows?
Yes, branches still matter to many Australians. The research found that 72 percent of Australians visited a branch in the past six months, and 60 percent had visited within the past three months. Customers continue to value branches for service, support and access to essential banking functions.
What does the report say about cash services in branches?
The report says cash services remain important for many customers. Seventy percent of Australians oppose eliminating cash services from branches, and 76 percent still carry cash on them. While card and digital payments are preferred for many everyday transactions, the findings show that customers still expect branches to support cash access.
What services do customers most expect from a local bank branch?
Customers most expect ATM services, customer service, and deposits and withdrawals from a local bank branch. These ranked as the top branch expectations in the research, followed by loans and credit services and account management. The findings suggest that branches still play an important practical and service role, not just a symbolic one.
What are customers expecting from banks on scams and security?
Customers expect both strong protection and strong support. The report found that 83 percent of Australians are confident in their bank’s security and fraud prevention measures, while 98 percent expect banks to offer support if they fall victim to a scam. This means customers judge banks not only on prevention, but also on how they respond when something goes wrong.
Is there a gap between scam support expectations and actual experience?
Yes, the report identifies a clear gap between expectations and experience. Just over half of scam victims found their bank helpful, while 42 percent expressed dissatisfaction with the support experience itself. Slow response times and the quality of assistance were recurring concerns in the research.
What kind of help do customers expect if they are scammed?
Customers expect practical and immediate help if they are scammed. The most common expectations were replacing money that was taken, monitoring accounts and alerting for suspicious activity, and freezing or closing affected accounts. The report also stresses that customers value the quality of support during a scam event, not only the financial outcome.
What are customers expecting from banks during the cost-of-living crisis?
Customers increasingly expect banks to take a proactive role in financial wellbeing. Ninety-two percent say banks should take every step possible if they can see a customer is about to fall into financial stress, and 79 percent expect banks to play a role in the cost-of-living crisis. The report presents this as a major service expectation, not a marginal one.
What kinds of financial stress support do customers want?
Customers want practical support that can relieve pressure quickly. The most helpful options identified were flexibility or temporary relief in loan repayment terms, fee waivers or reductions, and interest rate adjustments. The report also highlights the importance of earlier intervention before financial stress becomes more severe.
How can AI and data help banks support customers in financial stress?
AI and data can help banks identify warning signs earlier and tailor support more effectively. The report points to signals such as missed payments, job loss or income reduction, and unusually frequent overdrafts or insufficient funds. Publicis Sapient positions this as an opportunity for proactive, data-driven customer care across the customer lifecycle.
What does the report say about sustainability and green banking?
The report says support for sustainable and socially responsible banking is growing. Seventy-five percent of Australians support a bank that is committed to green initiatives and provides green products. The findings suggest that green banking is moving from a preference toward a longer-term expectation, especially among younger customers.
Are customers willing to pay more for socially responsible banking products?
Some customers are willing to pay more, but many believe these products should not cost extra. Overall, 40 percent said they would be prepared to pay more for socially responsible banking products, while 47 percent said they should not cost more. The report also notes that willingness to pay is higher among Australians under 45.
Why should banks pay particular attention to younger customers?
Younger customers show the strongest expectations across several of the report’s main themes. They are more likely to expect personalised service, more optimistic about AI, more supportive of proactive financial stress support and more interested in green banking products. The report suggests these preferences matter strategically because younger generations will make up a larger share of banks’ future customer base.
What can organisations access beyond the report itself?
Organisations can access deeper analysis through a Publicis Sapient deep dive session. According to the source materials, these sessions provide exclusive custom views of the underlying report data and discussion with financial services experts. This is positioned as a way to connect the report’s findings to a bank’s own strategy and priorities.