Financial priorities for the everyday Aussie - Credfin Survey 2021

A recent nation-wide survey conducted by Credfin revealed how everyday Aussies prioritise their personal finances.

Faced with questions like “On any given day, do you know what your bank account balance is?” and “How often do you check your online banking?” Respondents gave us a wide spread of answers to work with in the biggest survey we have ever done. Credfin was able to take these responses and distil them down to 3 top financial priorities for the everyday Aussie.

Priority 1: Knowledge. 

Aussies like to know what is going on in their financial lives. Almost all of the participants interviewed use online banking, with most knowing what their bank balance is on any given day. The majority of those that use online banking check their bank accounts once or more per day. The security of knowing is a top priority for many Aussies, and the frictionless experience of online banking allows for this need to be satisfied.

Priority 2: Convenience. 

With almost 100% of participants utilising online banking, it is clear that convenience is king. Responses to the questions “Would you want to see all your financial records in one place?” and “Would you like to compare all relevant financial products in one place?” also indicate the need for convenience. Both revealed ⅔ participants would like to experience the ease and accessibility of analysing different financial products.

Priority 3: Privacy. 

When asked questions like “Would you be willing to consent to safely share your bank account data with a service provider to receive a product or service that you wanted?” the answers split nearly 50/50, with a slight lean towards Yes. Although the questions made it clear the data shared is client consented and safely distributed, it seems that almost half of the participants are hesitant to give out their information.

Open Banking to Tick All The Boxes.

Planned to be fully implemented by February 2021, Open Banking incorporates all of the above priorities and more when it comes to consumer data sharing. Not only will the sharing of data be transparent to the consumer, the processes are secure and safe, and allow consumers to access the best deals out there. Under the Consumer Data Right, Open Banking is set to shape the future of finance all while giving consumers the power over their data.

Check out the PDF for the full results and stats, and visit Credfin today if you haven’t already and see what the future is all about.