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Who’s making banking decisions for businesses – 675,000 Australians

Source: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014
Base: Australians 14+ making decision for banking/financial services for a business or organisation in the last 12 months, n = 1,636. 1. Decision made in the last 12 months
New research from Roy Morgan shows that in an average 12 month period there are 675,000 people involved in making decisions that relate to business banking and other financial services. 

These are the latest findings from the Roy Morgan Single Source survey of over 50,000 consumers conducted in the 12 months ended March 2018, including over 1,600 who had been involved in making a business banking decision in the last 12 months. The results cover a very wide range of demographics so as to enable a better understanding of the profile of these important decision makers.

Key above average business banking decision makers

With 675,000 Australians involved in making a decision over the last 12 months that related to business banking, it is important to understand who the key decision makers are within this group. 

The following chart shows that more than two thirds (68.7%) of these decision makers were full time workers, well above their population proportion of 37.9%, 64.7% had a diploma or degree (population 45.2%). Other over represented segments among these decision makers were men with 56.2% (population 49.2%), millennials 38.7% (population 22.3%) and the A/B socio-economic quintile 37.9% (population 20.0%). 

Decision Makers1 for Banking or Other Financial Services for a Business or Organisation

Source: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014
Base: Australians 14+ making decision for banking/financial services for a business or organisation in the last 12 months, n = 1,636. 1. Decision made in the last 12 months


Average value of business banking decisions

It is important to understand not only who makes these business decisions but the value of those decisions, because there is considerable variation across segments in their average value. 

The highest average of the major decision making groups was $1.42m for those earning more than $100k per annum, followed closely by managers ($1.39m). Both of these groups are close to being double the market average of $730k. Other segments with high average values were, the A/B socio-economic quintile ($1.18m),visible achievement ($1.03m) and those aged 35 to 49 ($990k).

Average Value of Banking or Other Financial Services Decisions For a Business or Organisation Made in the Last 12 Months


Source: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014
Base: Australians 14+ making decision for banking/financial services for a business or organisation in the last 12 months, n = 1,636


Norman Morris, Industry Communications Director, Roy Morgan says:

“This research highlights the need to understand the diversity of businesses in this market when it comes to decision makers and their needs in banking and finance.  Business banking not only needs to consider the differences in requirements across industries and business sizes but have a deep understanding of the people making the decisions in those segments.

“The data used here only covers a small part of what is available to understand the decision makers in this industry. Roy Morgan collects more than 60 demographic and psychographic variables for business decision makers across finance as well those involved in more than 20 other functions in areas such marketing, purchasing, R&D etc.” 


For comments or more information please contact:
Norman Morris, Industry Communications Director
Office: +61 (03) 9224 5172
Norman.Morris@roymorgan.com


About Roy Morgan

Roy Morgan is the largest independent Australian research company, with offices throughout Australia, as well as in Indonesia, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan has over 70 years’ experience in collecting objective, independent information on consumers.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size

Percentage Estimate

40%-60%

25% or 75%

10% or 90%

5% or 95%

5,000

±1.4

±1.2

±0.8

±0.6

7,500

±1.1

±1.0

±0.7

±0.5

10,000

±1.0

±0.9

±0.6

±0.4

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2