5 signs you might be a banking nomad
Article by Ben Tosi
Experimentational, adventurous and keen to shop around for the most competitive interest rates, are you one of Australia’s newest breed of banking consumers?
According to Accenture’s Australian Banking Consumer Survey, “nomads” represent 30% of Aussie customers who, despite being hard to hold onto, are worth an eye-watering $2 trillion to Aussie banks.
As well as nomads, the survey identified two other types of Aussie banking consumers: “hunters”, who prefer traditional banks and appreciate a human touch, and “quality seekers” who prioritise trust and loyalty with their banks.
If you’re wondering if you’re one of the people driving the newest consumer trend in Aussie banking, here are 5 signs that you’re a banking nomad.
1) You prefer to do your banking digitally
If digital banking is among your primary concerns when choosing your bank account, you could well be one of the three in ten Aussies now considered to be banking nomads.
According to the survey, nomads have a ‘significantly greater’ preference for digital banking channels with 44% of them wanting instant access to face-to-face advice from their bank or insurer via a mobile device compared to just 23% of the rest of the population. The majority of nomads also want access to personalised budgeting tools and the ability to make contactless payments via mobile apps.
2) You feel misunderstood
Did your bank recently cut a previously lucrative interest-rate on your savings account that left you feeling a little blue? Or did your variable home loan rate just jump up a few basis points leaving you a little frustrated? Nomads rank as the least well-served, satisfied and understood Aussie banking consumers, so if your bank leaves you feeling unloved, this could be a surefire sign you could be a banking nomad.
3) You love to shop around
Banking nomads are, well, nomadic. Customers who find themselves regularly tearing through Mozo’s comparison tables for the best value credit card or term deposit are showing the key characteristics of banking nomads. According to the survey, ‘loyalty to a single brand is not a prominent feature for nomads’ who ‘will shop around, using their digital skills to quickly find other providers’.
4) You’re not sold on traditional banks
A staggering 77% of survey respondents who were considered to be nomads said they would be open to having a bank account with an online service provider such as Amazon or Google and 60% of nomads would be keen to take out a bank account with a retailer or supermarket if these options were available and competitive.
While the idea of opening an everyday transaction account with Woolworths or Coles might seem wacky to traditional bank customers, nomad consumers are open-minded and will try fintech options like online lenders and peer-to-peer lending platforms.
5) You want to co-create your banking experience
According to the survey, ‘many nomads value co-creation and want to help their banks to innovate and develop better products and services’ and four in ten wanted their bank to create social media groups that allow them to give their input into services, products and technologies.
Whether you’re a banking nomad or not, Mozo’s suite of comparison tables and tools make it easy to compare across a range of banking products so that you can be sure you’re always getting the best deal.