We help Retail banks resolve strategic issues, become truly customer-centric and dramatically streamline and simplify how they work.

Retail banking in Australia is a sophisticated, competitive and profitable financial sector with a strong regulatory system. Retail banks provide everyday financial services to Australians such as savings and transaction accounts, home loans, personal loans, debit cards and credit cards.

Sometimes known as consumer or personal banking, Australian retail banking is a major driver of economic growth and employ close to half a million people.

There are close to 40 Australian-owned retail banks, but this market is dominated by the Big 4: Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank. In Australia there is also a close association between retail banks and wholesale/corporate banks as well as credit unions and mutual banks.

Recent years have seen significant challenges for the banks, including regulatory constraints, reduction in customer loyalty and disruptive payment and distribution channel technology. The onset of open banking is bringing more integration between banks and other financial institutions to bring more integrated services to customers and open up a market place for future service innovation.

Our consultants work with retail banks to help them navigate a dynamic environment of evolving regulation, rapidly changing consumer behaviour and digital innovation.

At Cygnis we help clients address strategic issues such as open banking as well as operational and technology issues.

Banks are continually seeking to streamline and simplify how they work and provide exceptional customer service. Our experience in Consumer and retail markets as well as the broader Financial services markets help our banking clients apply leading operational and technology learnings and customer-centric principles to their own business and ensure cost-to-income ratios remain competitive.

Our pragmatic approach to supporting our Retail banking clients is underpinned with deep industry expertise and experience. We help Retail banks build the capabilities they need to succeed in the long term.

Examples of our work

Our team assists Retail banking clients across Australia:

  • Developed a strategy for the operations and customer service of a leading Australian bank, which included interviews with other leading banks and research into and comparisons of operations and customer KPIs
  • Designed and established a multi-million dollar future technology programme for a global bank with strong presence in Australia and New Zealand
  • Led the implementation of a banking platform upgrade for a large Australian-based bank, which resulted in significant cost savings and increased ability to service customers
  • Provided project assurance services to a Big 4 bank on their $Bn+ project portfolio, identifying efficiencies and gaps in strategic alignment
  • Implemented new digital technologies for a regional bank, providing greater transparency in distribution effectiveness across branches
Our retail banking services

Cygnis works closely with retail banking clients across Australia:

  • Conduct market and competitor intelligence
  • Facilitate strategy development discussions and planning
  • Perform analysis into operating model effectiveness
  • Design and establish large programmes of work
  • Lead or support your implementation teams in the delivery of large and complex projects
  • Provide advisory and implementation services to management teams
  • Provide a variety of technology strategy and implementation services

Talk to us today about how we can help you.

What to read next

Related industries

  • Wealth management
  • Financial advice
  • Asset management
  • General insurance
  • Life insurance

Related services

We also recommend reading banking market research and news from Australian Banking Association, Roy Morgan research, Financial Services Royal Commission and the AFR.

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