Royal commission spurring bank switching

Royal commission spurring bank switching

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South-west consumers are voting with their feet.

“South West Credit Union has experienced significant numbers of new account openings as a direct result of big bank customers reacting to the findings of the Royal Commission by voting with their feet and switching to a local bank that is owned by its customers.”
Almost a third of Australians say they are more likely to consider switching banks in the wake of the royal commission's findings, a report from the Customer Owned Banking Association has found.
A survey of over 1,000 Australians conducted by the association found 32 per cent of Australians are more likely to consider moving to a new banking institution as a result of revelations aired by the banking royal commission.
In a statement, South West Credit Union chief executive David Brown said the figures supported “the increase in interest” in customer-owned banking the association had seen in recent times.
“The poll shows people are ready to switch to an alternative where customer interests are not in conflict with shareholder interests,” Mr Brown said.
“We are encouraged by positive consumer sentiment towards the customer owned alternative.”
The study found those between aged between 35 and 54 were the most likely (35 per cent) to consider switching their banking institution, while only 6 per cent of these cohort were less likely to do so.
This was only marginally higher than the 33 per cent of 18 to 34-year-olds who said they were more likely to consider swapping (with 9 per cent saying they were less likely to consider changing).
Those above 55 were the least likely to switch, with only 24 per cent saying they were more likely to contemplate a change, while 11 per cent of this group said the royal commission had made it less likely they would consider changing.

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