New research commissioned by Australia’s smaller banks has found that people want more transparency regarding rates and fees.
According to the Customer Owned Banking Association, 86 per cent of respondents believe there needs to be more transparency and clarity regarding rates and fees.
The survey of more than 1,000 Australians found that 62 per cent have little or no trust in the big four banks to give independent financial advice.
It also found that 54 per cent believe there needs to be more competition in the banking market, while only four per cent think there needs to be less regulation.
Acting chief executive Mark Degotardi said one of the reasons the big four banks dominate the market is because they play under rules that are unfair to other competitors.
“We need better regulation to compete on a more even basis, so we can serve more Australians,” he said.
Mr Degotardi also said the federal government must pay attention to the views being expressed in its Financial System Inquiry.
“Clearly people are confused and uncertain about the banking products they are investing in and the advice they are getting,” he said.
“[This] inquiry is going to set up the rules for our banking sector for the next 10-15 years, so it’s vital consumer views are taken into account.”
[Related: Smaller banks call for levy on big four]