An industry expert has said customers of the big four Australian banks now feel “trapped” and unable to transfer to a new institution.
According to a survey conducted by Essential Research, a significant proportion of consumers believe that they face many obstacles when it comes to switching banks.
Speaking to the Herald Sun regarding the finding, Mark Degotardi, acting CEO of Abacus-Australian Mutuals, said that it should be easier for customers to compare home loans and transfer to new providers.
“They [customers] are not happy with the service they are getting from the major banks,” said Degotardi.
“The government has made it clear it will promote competition by supporting credit unions, building societies and smaller banks.”
The results of the survey support the current aims of the government to facilitate greater competition in retail banking, with 37 percent of “big four customers” saying that they had looked at leaving their bank after the recent interest rate and fee rises.