Latest Intelligence on Savings Accounts in Asia-Pacific

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Type Product title / description Pub Price
Expert View
Expert View

Growing savings by acting on impulse

Banks need to offer an impulse saving service to foster a savings habit among customers who find it difficult to put money aside. This will help to grow the deposit base as well as assuaging negative perceptions regarding the ability to save.

Published By Datamonitor
10 Apr 2013
Expert View
Expert View

Split strategies in the savings market

Consumers with small savings balances prize ease of access whereas consumers with large balances focus on interest rate. This requires banks to segment and market their savings proposition in terms of either rate or ease of access.

Published By Datamonitor
03 Apr 2013
Expert View
Expert View

2013: micro-managing finances through the mobile

Consumers attempting to stick to a budget have a number of tools available to them through their mobile phones to aid the management of their money. Regular micro-management of finances facilitates saving and keeps track of everyday spending. Third-party providers are currently leading the field but these tools are a clear next step for mainstream banking apps.

Published By Datamonitor
08 Jan 2013
Expert View
Expert View

Banks must look beyond rates if they want to cut the costs associated with attracting new savers

The retail savings market is under considerable strain at present. Banks' demand for deposits is rising in the wake of a shortfall in wholesale funding, but at the same time economic pressures mean that consumers have less capacity to save. In order to attract more inflows, banks need to introduce more imaginative tactics.

Published By Datamonitor
14 May 2012
Expert View
Expert View

Growing UBank accounts for a rising proportion of NAB's funds

The online-only savings account provider UBank, owned by NAB, has grown strongly and as a result is holding an increasing proportion of the bank's household deposits. This is both an advantage and a challenge. Higher market share is of course positive, but the UBank business model has lower margins compared to the main NAB model.

Published By Datamonitor
30 Jan 2012
CommentWire
CommentWire

Low-risk products are back in favor among Australian investors

Australian retail investors adopted a more cautious investment strategy in 2010, with fixed income products such as bonds and cash being the clear winners in terms of popularity. This suggests that despite the global financial crisis largely bypassing the Australian market, investors were still scarred by its effects and remain wary of taking on too much risk to their hard earned savings.

Published By Datamonitor
14 Jan 2011
Expert View
Expert View

Bank of Queensland is looking to attract savers with prizes, not interest rates

Bank of Queensland has announced plans to launch a new savings account called Save to Win, through which the account holder will be entered into a monthly draw to win up to A$20,000. This product signifies a new level of competition, in which financial institutions have taken extra steps to reward their customers outside of traditional interest payments.

Published By Datamonitor
20 Oct 2010
Expert View
Expert View

Virgin Money targets banks' market share in Australia

Virgin Money is returning to Australia with two new credit cards and an online savings account, after stepping back from the nation's credit card market in 2008 by selling its portfolio of 800,000 customers to Westpac. The addition of these products to its existing car insurance and superannuation business is the biggest development so far in Australian financial services this year.

Published By Datamonitor
30 Jul 2010
CommentWire
CommentWire

Commbank: looking to educate tomorrow's customers, today

The Commonwealth Bank of Australia has launched Coinland, a virtual online game designed to educate primary school children in money management and the consequences of spending. With new Datamonitor findings highlighting a lack of understanding and engagement between banks and consumers, this new initiative sees Commbank well poised to capitalize on this gap in the market.

Published By Datamonitor
21 Apr 2010
Expert View
Expert View

Australian mortgagors under more pressure as banks pass on RBA rate rise

On March 2, the RBA raised the cash rate target by 25 basis points to 4% in a move widely anticipated by financial analysts. On the same day, the Commonwealth Bank of Australia said that it would pass on the rise to both its mortgage and deposit customers, with NAB and Westpac following suit on March 3. There are now several factors that will serve to increase stress on Australian mortgagors.

Published By Datamonitor
04 Mar 2010

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