DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/hgt6q7/_home_contents) has announced the addition of the "Home, Contents and Car Insurance - A Missed Cross-Sell Opportunity for Banks Report Summary" report to their offering.
In Australia, the majority of banks have developed bancassurance lines, with some banks building their own insurance arms such as CBA's CommInsure. Bancassurance is no longer a side operation, but an integral part of the banking business in attracting customers and increasing revenue. RFi research shows that, despite the wide reaching presence of the bancassurance model and the fact that most consumers would be comfortable buying insurance from a bank - consumers are largely unaware that their MFI (main financial institution/main bank) offers insurance. As a result, only a few banks are doing well at cross-selling insurance and are gaining market share, namely Suncorp Bank and Westpac.
It is predicted that the UK government reforms will reduce fees, repayments and overall debt for customers. Similar reforms have been drafted by the Australian Government with the reforms having the potential of changing the structure of credit card offerings Credit card issuers in Australia and the UK have different drivers of revenue, where it is common for Australian credit cards to have annual fees, unlike cards in the UK. UK credit card issuers earn revenues through other means, such as balance transfer fees of up to 3% for consumers who move their debt to new cards with a balance transfer offer.
However balance transfer fees may soon gain traction in the Australian market too, with new legislation affecting the allocation of credit card repayments. This will affect the profitability of balance transfer offers in Australia, thus pressuring the introduction of balance transfer fees. Increased competition, more favourable credit card regulations, and credit card use displacing cash as preferred method for small payments, should drive recovery in the Australian and UK credit card markets.
Key Questions Answered
- What are the key drivers of bancassurance choice?
- Who are the potential bancassurance consumers are and how can you target them?
- How can banks leverage existing customer relationships to increase bancassurance market share?
- What are the effective methods of cross-selling bancassurance with banking products?
For more information visit http://www.researchandmarkets.com/research/hgt6q7/_home_contents