3 August 2018
Australian banks welcome competition and compete not only through price, but through constant innovations to product features and experiences. Banks are constantly working to ensure customer satisfaction and the availability of quality products.
The Productivity Commission’s report highlights that competition among financial providers is increasing, noting the presence of new market entrants, the positive impact of mortgage broking and the improvement of technology.
Mortgage lending products are highly competitive, with 141 authorised financial providers (ADIs) offering products to suit varied consumer needs. Banks also offer Australian households innovative features and services at competitive prices.
That competition has seen one in five of us switch accounts over the past year.
The ABA believes strongly that competition will improve further with the introduction of Open Banking, Comprehensive Credit Reporting and regulatory reforms to further reduce barriers to new entrants.
In addition, the new ASIC approved Banking Code of Practice has specific requirements regarding transparency and providing information to consumers to help them be better informed.
The Australian Banking Association and its members look forward to considering the Productivity Commission’s report and findings in full.
ENDS
Contact: Kelly Stevens 0475 741 007
Latest news
“the earlier that people speak to their bank, the more likely it is that the bank can find a solution that will work and keep the customer out of financial strife.”
Twenty of Australia’s most influential business and finance peak bodies have come to an unprecedented consensus on the need for sustainability reporting.
“Over the past eight years, Mr Byres has provided strong leadership… particularly through the very stormy economic waters of recent times.”