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
Michael McLaren (Host): Well, here we are at the Easter Show, the great celebration of country life in the city, but it’s also an important platform this to better understand the challenges that the regions face. Now, yesterday, we looked at the floods. Today, I want to look at the banks. Now in the regions,… Read more »
The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event. ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty… Read more »
Banks stand ready to support customers in western Queensland and parts of New South Wales affected by heavy rainfall and flooding. ABA CEO Anna Bligh said customers don’t have to tough it out on their own and banks have a range of practical measures to assist those facing financial stress. “This is a challenging time… Read more »