Friday, March 28th, 2014

Westpac Group achieved its highest level of cross-sell of wealth management products (Managed Investments and Superannuation) to its traditional banking customers, now leading the Big Four. Of Westpac banking customers who have a wealth management product, 12.0% of its customers hold this product within the Westpac group.  These are the latest findings from the Roy Morgan Research Finance Single Source survey.

Westpac Group, up from 9.3% in February 2011 to 12.0% in February 2014 has secured a lead among its peer institutions, and while NAB Group (11.1%) has led over the last few years successfully cross-selling wealth products to its customers it has declined below Westpac Group in more recent times.

CBA Group (9.8%) was ranked second to NAB Group a couple of years ago, and has now dropped 0.5% points to rank below Westpac Group and NAB Group. ANZ Group has been performing well below its peers and while the level of cross sell has increased, it appears ANZ Group is yet to build on its allegiance with One Path (up from 6.2% to 7.9%).  

Wealth Cross-Sell to Traditional Banking Customers


Source: Roy Morgan Single Source (Australia), 12 month moving average, Average Sample size = 34,750

Norman Morris, Industry Communications Director, Roy Morgan Research says:

“Westpac’s success in cross selling Superannuation and Managed Investments to customers who have core banking products such as accounts, loans or a major card with the institution is highest among the younger and older age groups. The increase over the last couple of years though is evident among people born overseas and particularly people born in Asia.


In support of this, an increasing proportion of Westpac customers also agree with the attitude about looking to their bank to provide for all their financial needs, including Superannuation and Life Insurance. Westpac’s strong performance in cross sell is a reflection that it’s capitalising on this increasing opportunity.”

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Roy Morgan Research

Roy Morgan Research is Australia's best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
Samantha Wilson
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banking, finance, wealth management, westpac, anz, nab, cba




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