One in four Aussies look to change banks post-Commission
The Royal Commission has convinced one in four Australians to change or consider changing banks, an Essential Media poll has revealed, providing positive news for community banks.
The poll, which was commissioned by the Customer Owned Banking Association, found that:
- Eight per cent say they have already changed their provider;
- Seventeen per cent say the Royal Commission has led them to consider changing, but they haven’t yet; and
- An additional 18 per cent are not sure if they will consider changing.
People’s Choice Credit Union welcomed the news, saying it was encouraging for models such as its own where 100 per cent of profits should benefit members rather than shareholders.
“Our customers are also our members and our shareholders – there is no difference – so credit unions focus on offering the most competitive products and services while committing to sustainable long-term relationships rather than short-term profits,” People’s Choice chief executive, Steve Laidlaw, said.
“If people want better banking, they need to own their banking.”
Laidlaw said that if as many as one quarter of Australians were looking to switch banks to true competitors, they would need to look beyond major banks.
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