According to a new study, Australians have become more receptive to banking alternatives and that 1 in 3 people consider switching their banking institution because of the Banking Royal Commission. 8% have changed their provider and 17% consider changing. 18% are still unsure whether or not they will switch.
Customer change is also being driven by technology as open banking is set to arrive in Australia progressively starting in July 2019. This will provide customers with greater control over their financial data and allow them to transfer data between banks and other financial players, including fintechs and accounting software makers. Open banking could also improve customer options by helping even the playing field for non-banks and fintech start-ups offering financial services.
AI technology could enable customers to find their transaction history and compare interest rates offered by other providers. This will allow them to look for the best refinancing deal in the market. Customers will be able to switch cards just by telling their personal assistant to do so.
If you would like to know more about banking alternatives and finance, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution for your superannuation, taxation, property investment, asset protection, estate planning and more.
Chan & Naylor Group has national offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.