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Royal commission driving customers to different banks

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Reporter 4 minute read

Almost a third of Aussies say they are more likely to consider switching banks in the wake of the royal commission's findings, according to a new report.

A survey of over 1,000 Australians conducted by the association found 32 per cent of Australians are more likely to consider moving to a new banking institution as a result of revelations aired by the banking royal commission.

In a statement, Customer Owned Banking Association (COBA) chief executive Michael Lawrence said the figures supported “the increase in interest” in customer-owned banking the association had seen in recent times.

“The poll shows people are ready to switch to an alternative where customer interests are not in conflict with shareholder interests,” Mr Lawrence said.

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“We are encouraged by positive consumer sentiment towards the customer owned alternative.”

The study found those between aged between 35 and 54 were the most likely (35 per cent) to consider switching their banking institution, while only 6 per cent of this cohort were less likely to do so.

This was only marginally higher than the 33 per cent of 18 to 34-year-olds who said they were more likely to consider swapping (with 9 per cent saying they were less likely to consider changing).

Those above 55 were the least likely to switch, with only 24 per cent saying they were more likely to contemplate a change, while 11 per cent of this group said the royal commission had made it less likely they would consider changing.

Royal commission driving customers to different banks
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

 

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