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ISCOVER
Staff Reporter
Many Australians are keen to use an alternative to the big four, but think it is too costly to switch, new research has found.
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According to an Essential Research poll, 37 per cent of customers of the big four banks said they had considered leaving and finding a new financial provider, while 40 per cent said they had considered changing their main bank at some point in the last five years.
Of those that had wished to change banks but didn’t, 41 per cent said it was because changing was “too difficult”, while 23 per cent said it was because of the “fees attached to shifting”.
Abacus head of public affairs Mark Degotardi said recent interest rate rises by the major banks had left customers unhappy and looking for alternatives.
“Customers are feeling trapped. They are not happy with the service they are getting from the major banks, but are unsure about how they can change and worried about being hit with unfair costs if they do,” he said.
