Half are comparing and switching banks

Only 38 per cent of Aussies surveyed by Ernst & Young say they use more than one bank to obtain the best rates and fees, a low percentage by comparison with other markets in Asia.

Eighteen per cent of people said they used three or more banks. The survey shows 46 per cent of customers have changed their main bank.

Consumers are using modern tools to look around for information on their options, with more than half making use of comparison websites such as InfoChoice.

The survey found that 72 per cent of customers would be willing to share personal information to receive better service from their bank.

Source: Banking Day