The Changing Competitive Environment for the Australian Banking/Finance Industry: Review of a Forecasting Study

The banking/finance industry in Australia is on the verge of rapid and fundamental change in the areas of government regulation, industry structure, EFT technology and payment systems, marketing innovation and merchant/wholesale banking. Such a changed environment will cause organisations to engage in continuous strategic planning and new adaptive strategies which focus on the changing relationships between the institution and its customers and competitors. The marketing function will assume new and increased responsibilities. Marketing management will require a far more strategic approach than before. The viability of some institutions may be threatened by these changes. These views are the result of a long‐range Delphi forecasting study conducted in 1982. Although rapid developments have invalidated some of the findings, the forecast of a less regulated, more competitive, open, dynamic and responsive industry remains valid.