More banking competition than ever before
In the past 18 months there has been more evidence of competition in retail banking than ever before, and perversely we have the global financial crisis to thank for this. Banks fought for deposits and rates for savers went up. More recently National Australia Bank has led the charge on the introduction of discounting/abolishing some bank fees.
Findings published yesterday from a brand research group, Forethought Research & Forebrand, suggest NAB has overtaken the Commonwealth Bank as most price competitive. But it is difficult for new players to make any real mark in the retail banking market because the majors are entrenched. Consumers remain are at the mercy of industry and the collective desire by its big players to enhance profits rather than the goodwill of customers.
Source: Sydney Morning Herald