Radio Still ‘Money’ With Banking Consumers
When it comes to personal banking and our interactions with the ‘Big 4’ banks, research by Nielsen and Commercial Radio Australia, using Nielsen Consumer & Media View, reveals that 69% of Australian radio listeners say they are very or quite satisfied with their main financial institution (MFI); while 6% say they are not very or not at all satisfied.
While the proportion of dissatisfied banking customers may be a small, they still represent big dollars if they decide to switch banking providers. In addition, around 11% of commercial radio listeners say they are very or quite likely to change their main financial institution (MFI) in the next six months. High fees and charges (19%) and poor interest rates (14%) are the most prevalent reasons.
So what are customers who are looking to make the switch between banks looking for? More than one-in-five (22%) commercial radio listeners say their investment/savings priority for the next 2-3 years is ‘saving for a car or holiday’; while 18% are focused on ‘paying off their home’; and 18% are ‘saving for retirement’.
Consumers’ current financial position and priorities influences the type of financial institution they would prefer to do business with. Those who say they ‘have no money to spare’ are more likely to want their bank to handle all their financial matters; while at the other end of the spectrum, those who say they are ‘financially free’ are more likely to deal with multiple providers/services.
Segmenting the consumer banking market according to their different characteristics and needs is imperative as advertisers and media publishers need to understand these dynamics when talking to these individual groups.
Commercial radio is well-placed to reach consumers in each financial segment – breakfast, morning and afternoon sessions are the prime times, each reaching between 36% and 50% of the segments.
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ABOUT NIELSEN’S BANKING ON RADIO REPORT
This overview of personal banking has been constructed with Commercial Radio listeners in mind and designed to interpret their preferences, perceptions and intentions. Any reference to Australia or Australians in this report means consumers across the five major capital cities in Australia. Unless otherwise specified, audience and population are people aged 18 years and older.
ABOUT NIELSEN CONSUMER & MEDIA VIEW
Nielsen Consumer & Media View is a rolling survey of more than 20,000 Australians aged 14 and above. It captures their lifestyles, behaviours, passions and attitudes towards almost every aspect of their life. It’s great for helping advertisers understand the everyday Australian consumer that they want and need to communicate with.
We also include media consumption data with the fusion of official TV, radio and digital audience ratings to get a rounded view of how brands can best target and reach their target audiences. To find out more about how CMV can help you more effectively plan your marketing, contact [email protected]
COMMERCIAL RADIO AUSTRALIA
Commercial Radio Australia (CRA) is the national industry body for commercial radio in Australia with 260 FM, AM and DAB+ station members nationwide representing 99% of the commercial radio licensees on air. CRA has been instrumental in the successful rollout of DAB+ digital radio broadcasting in Australia and the Asia Pacific.