End of the big four’s glory years? The Royal Commission’s findings could see a move towards boutique banks
Turns out, trust plays a massive factor in where Aussies choose to take out loans.
Trust plays a massive factor in where Aussies choose to take out loans.
The verdict’s in. Aussies’ trust in banks is at an all-time low.
A recent survey found that only 1 in 5 Australians believe banks act ethically, while a mere 1 in 4 think banks take responsibility for mistakes and keep their promises to their customers*.
The findings of the royal commission have been a startling reality check for banks and how their customers’ view them.
The survey found that the public’s poor view of the banks is not based on traditional markers like politics, gender or class. As a result, it seems likely that the commission and the bad publicity associated with the investigation have played a large part in swaying customer attitudes.
But at the end of the day, almost everyone needs a reliable bank or financial institution where they can hold their money and take out lending products when they need.
HomeLoansAustralia.com.au lets Australians see for themselves what’s out there on the market so that they can choose the best home loan products for their needs. It’s clear that the big banks are no longer top of mind for many Australians when it comes to buying long-term financial products. This easy online tool can expose you to other products and institutions you may not have even known existed.
Here’s How You Do It:
Step 1: Select your State below.
Step 2: After answering a few questions, you will have the opportunity to compare competitive rates and could be eligible for significant savings.
Trust plays a massive factor in where Aussies choose to take out loans.
59% of customers in the survey were found to believe that banks have the interests of shareholders at heart. Only 1 in 5 of the survey’s respondents believed that banks have customer interests at heart.
This means that smaller, boutique banks and companies, which have been left relatively unscathed by the commission’s findings, could have an opportunity to instil trust in the public from the get-go. It’s a solid foundation from which to begin, after years of deception and dodgy lending practices in the wider industry.
As a result, these new upcomers could have a competitive advantage over the Big Four and ultimately offer better value products as a way to take on new customers in the fallout.
But many Australians don’t know where to look, or where to even start.
With HomeLoansAustralia.com.au, you can get exposure to the best and most popular new home loan products. Home Loans Australia has links to a number of new and ethics-based lenders, and cuts through the junk to get to the facts. An easy online tool allows you to specify what you’re looking for and get access to a team of unbiased home loan experts.
Don’t fall behind in Australia’s move towards better lending practices. Find a loan that works best for you, and potentially save thousands of dollars each year.
Simply enter your details into the comparison tool below for an expert quote on Australia’s premier home loan products.
Get Started Now:
Step 1: Select your State below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
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This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.