Lender blasts big bank 'veneer' of competition

by Mackenzie McCarty19 Feb 2013
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.”

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  • by Keith B 19/02/2013 10:19:58 AM

    Hello...the whole industry is drowning in Government regulation and compliance. Give us a break!

  • by Chris C 19/02/2013 10:21:14 AM

    I have always said, Banks should not be allowed to hold board positions in MFAA or FAA or own / have shares in broker organisations or aggregator organisations or be allowed to buy out the non-bank lenders to gain a monopoly - they have a conflict of interests across too many channels in the one market - kills copetition / they dictate terms and hide behind smoke and mirrors with their special offers etc.

  • by Peter Fast 19/02/2013 10:34:43 AM

    Ha! The union bank getting ready for another compare "the pair" campaign?

    We have plenty of choice in banking. Just walk down the street and count them on every corner. Plenty to chose from I thought and brokers enhance that choice further most professionally.

    Let's face it everyone knows CBA owns Bankwest and Westpac owns St George and as for disclosure, it applies to everyone.