Research reveals 57% of Australian first time home buyers think all banks are the same
Gustavo Quiroga
Leading research provider YouGov has released findings that confirm 57% of Australian first time home buyers think all banks are the same.
The pulse check into Australian first time home buyers reveals over 1.8 million Australians will buy their first home in the next 12 months, yet 82% also find the idea of being in debt stressful.
Mobiquity APAC General Manager Gustavo Quiroga said with over 1 million Australians set to make the choice for a new home loan in the next year, lenders will need to rethink their competitive strategy to one that’s centred on customer experience.
“For banks to stay ahead of the competition in their lending services, they will need to innovate with differentiated digital experiences that solve real customer problems and build these into their offerings to keep pace with evolving customer expectations,” said Mr Quiroga.
A recent report from the Australian Banking Association’s (ABA) on consumer banking trends revealed Australians have adapted quickly to the digital era of banking, with more than one in three Australians with smartphones now using a digital wallet.
“When you think about the first-home buyer mindset, they have never experienced the journey associated with a mortgage product. They are therefore making direct comparisons to that of their current banking experience, “ said Quiroga.
“To this end, lenders must reassess their customer journey and seek ways to enhance the experience in the same vein that day-to-day consumer banking services have evolved. By assessing the complete customer journey, lenders are able to develop digital touchpoints that provide customers with personalised services and have utility.
“Only when digital services have utility and provide a true value-add for the customer will lenders be able to take the high road and break away from being generalised alongside competitors,” concluded Mr Quiroga.
Mobiquity is a digital experience consultancy that operates on the ethos that truly successful digital products are rooted in human behaviour, emotions and needs. The company works with leading banks and financial institutions across the world including Citi Bank, Bank of Sydney, ME Bank and more to develop frictionless banking solutions.
