An Ernst and Young study of 635 Australians has revealed a third get turned-off and give up if the information on loans is too complicated.
John Rolland, Ernst and Young’s customer leader advisory, said banks “and their channels” needed to focus on simplifying their message.
"They need to ensure the information available via all their channels is in plain English and provides real comparisons for customers, in other words it doesn't require high levels of financial literacy to make sense of it,” he said.
The study also showed a massive two-thirds believe a better deal is out there, just not at their own bank.
"This means the playing field is wide open for lenders to take advantage of consumers' current willingness to change," said Rolland.
Furthermore, 65% wanted to be rewarded for their loyalty with lower rates and better fees.
"The winners will be the ones that make things simpler, offer innovative, tailored banking solutions that better meet customer needs, take a more proactive approach to their relationships, and reward loyalty."