Bank customers look to switch in RC’s wake

The royal commission’s investigation of banking misconduct has prompted almost a third of Australians to consider switching banks, according to a Customer Owned Banking Association study.

The associations survey of more than 1,000 Australians has found that 32 per cent of bank clients are more likely to consider switching banking institutions in the wake of discoveries made by the royal commission.

The poll also found that 8 per cent of respondents have already switched, the Customer Owned Banking Association (COBA) said in a statement.

Commenting on the findings, COBA chief executive Michael Lawrence said the data supported a trend customer-owned banks were already seeing.

“The poll shows people are ready to switch to an alternative where customer interests are not in conflict with shareholder interests,” he said.

“These findings back up the increase in interest from Australians looking to enjoy the benefits of customer-owned banking.”

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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 this 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, 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.

Bank customers look to switch in RC’s wake
Royal Commission, customer owned banking, Customer owned banking association, COBA, Mark Lawrence,
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