Distrust in banks common
Australians "are not very trusting" of banks or any other industry, research by Deloitte has found.In May, Deloitte used Dynata to survey 2007 Australian banking consumers."Less than half of those surveyed trusted or completely trusted any of the organisations to keep their money safe, including any of the regulated and supervised entities," Deloitte wrote in report "Open Banking: Switch or Stick".The research shows 42 per cent of people "trust major banks to keep their money safe", with regional banks, mutual banks, and superannuation funds in a range from 28 per cent to 34 per cent.The fintech and neobank set may feel all the hoopla is working to their advantage but so far their newness and a thin track record is in the way."Digital banks, despite being regulated and supervised like other banks, were trusted by only 10 per cent of people, and distrusted by 29 per cent," Deloitte said."Technology companies, often seen as the source of potential competition for banks, have the lowest net prudential trust score. They were trusted by only nine per cent of people, and distrusted by 32 per cent."?About 20 per cent of customers have changed the provider of at least one of their banking products in the last three years, the research shows. And nor is "switching difficult for most products," Deloitte observe. "It is not as difficult as people perceive. Once someone has switched, they also realise it's not as difficult as they might have thought."