We recognise it can sometimes feel overwhelming trying to switch your accounts from one bank to another. The industry will host a roundtable in March 2017 to identify consumers’ underlying concerns about switching and see how we can address them.
We will hear the views of representatives from consumer groups, business, government, regulators and card schemes. This will help us identify additional initiatives which would further improve the ease and convenience of switching banks.
The Australian market for financial services is already highly competitive, with a wide choice of financial institutions and products. The ability to easily and cheaply switch between providers is key to consumers enjoying the benefits of this competition.
Changing banks today is much easier than a decade ago, but some things still need work, like the smooth transfer of periodic payments linked to bank accounts for example.
Along with real time banking, it’s one of the benefits of the New Payments Platform we’re working on. Customers will be able to choose a unique identifier for their account, like a phone number or email address, and use it to receive payments. This identifier will be portable, and can be moved between accounts and institutions, making it easier if you have switched banks.