Who’s behind business banking decisions?

In an average 12-month period, 675,000 Australians are involved in making decisions that relate to business banking and other financial services, with more than two-thirds (68.7 per cent) of these decision makers full-time workers, according to a new survey from Roy Morgan.

Of the 50,000 consumers surveyed, 64.7 per cent had a diploma or degree, as opposed to the population proportion of 45.2 per cent.

Men were the net largest pool of decision makers, representing 56.2 per cent as opposed to the population proportion of 49.2 per cent, followed by millennials at 38.7 per cent.

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The survey also revealed that the highest average of the major decision-making groups was $1.42 million for those earning more than $100,000 per annum, almost double the market average of $730,000.

Industry communications director, Roy Morgan, said the research highlighted the need to understand the diversity of businesses in the market when it comes to decision makers and their needs.

“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,” he said.


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