Login
ISCOVER
The big four banks are good at selling home loans and credit cards but struggle to cross-sell superannuation.
Roy Morgan Research found that NAB is the most successful of the big four, holding 18.4 per cent of their customers’ superannuation at the end of July 2014.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
However, that marked a decline from the 20.5 per cent share recorded in July 2010.
Commonwealth Bank improved its performance from 12.7 to 13.2 per cent and Westpac climbed from 11.3 to 13.0 per cent, while ANZ fell from 11.1 to 10.4 per cent.
Industry funds are the major competition for the big four banks: they hold about 25 per cent of the superannuation of big bank customers.
Roy Morgan’s industry communications director, Norman Morris, said there is fierce competition for Australia’s $1.8 trillion superannuation market.
“Where the major banks have their traditional strength is in banking products such as home loans, cards and deposits but they are facing much stronger competition with superannuation where they are up against specialist providers,” he said.
“Although the major banks either own or have ties to a large proportion of financial planners, when it comes to superannuation it appears from our research that the clear majority of employees take out their superannuation through their employer rather than a planner.”
[Related: Big four banks improving their cross-selling ability]
