Trust in the big banks is near record-high levels and has climbed 19 points in the last two years as the big banks exit financial planning.
Finder’s Consumer Sentiment Tracker (CST) found that public trust in the big banks had climbed from 43% in May 2019 after the Royal Commission to 62% now.
Graham Cooke, head of consumer research at Finder, said it was interesting to see this metric change in such a consistent way.
“The initial lockdown seemed to spur fears that smaller banks might fail and may have resulted in a jump in trust of the big banks,” Cooke said.
“Whether it was the compassionate measures taken for those in financial strife or the changes in operating procedures since the Royal Commission, it’s clear that a significant number of Aussies are ready to trust big banks again.”
Trust in small banks remained higher than big banks, which was currently at 68%, and Cooke said this was a good sign for neobanks.
“We find these new banks tend to be very popular with younger consumers, who may be the first generation never to sign up for an account with the big four in their lives,” Cooke said.