The mutual sector has launched a campaign to woo consumers away from major banks.
Industry peak body Abacus has launched a national advertising campaign aimed at convincing households to switch their accounts to mutuals. The campaign has run in Sunday News Ltd newspapers around the country, explaining the Federal Government's "tick and flick" reforms due July 1.
"The reforms take the hassle out of switching, make it easier to open a new account and empower Australians to move to a financial institution that offers better value and customer service," Abacus chief executive Louise Petschler said.
Petschler pointed to recent Roy Morgan research showing 20% of consumers plan to switch financial institutions in the next year, while 50% said they would switch if the process were simpler.
"Clearly these reforms respond to growing public sentiment that shows people are itching for a better banking deal and will make the move if it's easier to do so," Petschler said.
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