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Australians ready to switch: time to ‘Own Your Banking’

New research has found the Banking Royal Commission has made Australians more receptive to banking alternatives and switching their banking.

An Essential Media poll, commissioned by the Customer Owned Banking Association, found 1 in 3 people are more likely to consider switching their banking institution.

The poll also found 8% say they have already changed their provider. A further 17% say the Royal Commission has led them to consider changing, but they haven’t yet, while an additional 18% are not sure if they will consider changing.

“These findings back up the increase in interest from Australians looking to enjoy the benefits of customer owned banking,” COBA CEO Michael Lawrence said.

“The feedback we’re getting is that there is great interest in a model that puts customers first, where 100% of profits are used to benefit customers.

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