Battle of the Banks: Institutional vs. Neobanks

The Australian Banking Association tells us that competition between Australian banks is strong, that customers are willing to switch financial providers for better interest rates, credit card deals, home loans. In fact, 2.8 billion Australians in 2019 said they would switch banks within a week if a better option came up (Australian Banking Association, 2019). 

This hasn’t changed over the years – more than half of consumers say they would switch banks for a better interest rate, and 14% would switch for more modern banking experience (Backbase, 2023). As it becomes easier and easier to join a bank with the quick scan of a passport and verification code, it’s no wonder people are willing to chop and change. But this isn’t always the case. On the flip side, 86% wouldn’t change for convenience. They remain loyal to their banks. But why? All these questions ask us, what should we expect from bank culture and what do customers actually seek in a bank? And are there any repercussions from joining new ‘neobanks’? This and more to come…. [full release March 2026]