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Making headlines today, The Australian Financial Review has reported that Citibank and Virgin Money are putting the finishing touches on a retail project that is designed to shake up the industry.
According to the paper, Virgin Money and Citibank are hoping to challenge the majors’ stranglehold over transactional accounts, credit cards and mortgages.
The latest APRA statistics show the big four banks currently account for more than 80 per cent of all mortgages written.
Virgin Money’s Matt Baxby told the paper that the mortgage industry was ripe for further competition.
Mr Baxby said before the GFC, consumers had a choice of banks, however, since the GFC, the choice of lenders has narrowed significantly.
