Australians now more receptive to switching banks

One third of Australians are now more receptive to switching banks as a result of revelations at the banking Royal Commission, according to new research released today by the Customer Owned Banking Association (COBA).

One third of Australians are now more receptive to switching banks as a result of revelations at the banking Royal Commission, according to new research released today by the Customer Owned Banking Association (COBA).

 

Heritage Bank CEO Peter Lock welcomed the results, which showed people were starting to look beyond the big banks for a more satisfying banking experience.

 

The Essential Media poll, commissioned by COBA, found that 32% of people were more likely to consider switching banking institutions because of the Royal Commission.

 

The poll also found that 8% of respondents had already switched banks because of the Royal Commission, and a further 17% had considered changing but had not yet got around to it.

 

Mr Lock said the findings were encouraging.

 

“For too long, people have stuck with the major banks out of habit, and because they did not know the benefits that the customer-owned banking sector has to offer.

 

“It’s heartening that the Royal Commission is acting as a circuit-breaker which is forcing people to stop and reconsider what they get from their financial institution.

 

“Customer-owned institutions like Heritage offer a model that uses 100% of our profits to benefit our customers.

 

“We are definitely seeing more inquiries from people looking to change to way of banking they feel more comfortable about.”

 

Mr Lock encouraged people to find out more about the customer-owned model via the ‘Own Your Banking campaign launched last week by COBA.

 

To do so, just go to the website at ownyourbanking.com.au and join the conversation on social media using the hashtag #OwnYourBanking.