The Banking Association says customers already have free will and choice to change banks
The Banking Association says customers already have free will and choice to change banks
21 March 2024
A draft Commerce Commission report's found a two-tier system divides smaller banks from ANZ, ASB, BNZ and Westpac -- and there's a lack of competition.
It says the four have an apparent focus on maintaining profit margins -- resulting in under-investment in platforms and low innovation.
It's recommends the Government improve capital for Kiwibank and smaller banks.
Banker's Association Chief Executive Roger Beaumont says it is a competitive market -- with at least 13 retail banks.
He says for a country with a population the size of Sydney, that's an impressive range.
© 2024 Newstalk ZB, NZCity