Yet, he believes there is ‘a lot’ of competition in the marketplace.
“There’s a lot of choice and customers aren't afraid to shop around and change lenders if they are unhappy - one in three new mortgages are refinances.”
This message is echoed by Westpac senior media relations manager, Danny John.
"[Westpac’s]multi-brand approach recognises that customers have choice. Ultimately, people choose their bank because they like what it stands for and the quality of service it provides."
Another of the Balanced Banking messages is a claim that consumers aren’t being made adequately aware of major banks’ ownership of subsidiaries - but Münchenberg says this is a non-issue.
“We think consumers are smarter than Abacus has suggested in terms of knowing whether a brand is part of a larger bank or not and there are many smaller banks that are not. Consumers are more interested in looking for the best deals – those that particularly want to be with a non-major are capable of working out where to go.”