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ISCOVER
Staff Reporter
While more than 50 per cent of Australians have experienced “bank rage” in the past, it seems few are willing to switch lenders.
According to a new report by Colmar Brunton on behalf of Heritage Bank, just 5 per cent of Queenslanders are looking to switch their home loan in the next 12 months.
Interestingly, of those surveyed, 53 per cent said they knew new legislation had been introduced which would make it easier to switch lending institutions.
Heritage Bank chief executive officer John Minz said the research showed the need for the federal government and smaller financial institutions to keep promoting measures that increase competition in the banking sector.
“People are angry at the big banks, and many now know it’s now easier to switch, so we just need to keep making the aware of the alternatives,” Mr Minz said
“Customer-owned financial institutions such as Heritage Bank can offer so many advantages to the banking customer, but too many people just aren’t aware of what they are missing.
“People should not be trapped into thinking that the big four banks are the only option. At Heritage, we offer rates that are often better than those of the big banks, and our customer satisfaction ratings are always much higher. We are strong and secure, and have the same range of products and services.
“Introducing the new switching legislation has been a positive step but the federal government needs to back that up with additional promotional activities highlighting the fact that there are alternatives to the big four banks.
“Heritage and the other customer-owned banking alternatives are doing our bit to promote competition, and there needs to be concerted action across the board to create that ‘fifth pillar’ in the banking sector that has been talked about so often.”
