Research from Australian Bankers’ Association (ABA) has found that more than three million Australians have switched banks over the past three years.
Two-thirds of those three million Aussies also reported that the process was easy. This is positive news as recent RateCity research found that for home loans, 39.1 per cent of those surveyed listed “too much effort” as the biggest barrier to switching.
“Australia has a competitive banking system with hundreds of providers of financial products and services, and many comparison websites at customers’ fingertips,” said ABA Chief Executive Anna Bligh.
“An ABA survey conducted by Galaxy Research shows that almost two-thirds of Australians have accounts at more than one bank, suggesting that people are shopping around to find the best deals and the right products for their needs.
“When it comes to home loans, customers are actively looking for and finding the best deals.
“Australian Bureau of Statistics data shows that more than 30 per cent of all new home loans are from customers who change their mortgage provider.
“Also with credit cards, balance transfers are easy to do. Last year, eight per cent of credit card balances were a balance transfer.
“Finding better deals in financial products and services is set to get even easier as open banking evolves and customers gain access to their data to shop around,” said Ms Bligh.