I’m the first to tell you banks are hard work. I deal with them everyday. But do you think there would be a Royal Commission about our banks if they weren’t as profitable as they are now?
I can’t think of a service/product that only big banks offer, and yet they are market share leaders in pretty much every market.
If they were really the demons they are being made out to be [all the time and for everyone] I don’t believe they would hold their market share. We’d go elsewhere. So why don’t we?
They aren’t the cheapest (for home loans) and yet they hold the major share of home loans.
They play a hard line with credit policy for business but they generally are the cheapest and in the case of the majors they are prepared to stretch beyond security limits unlike non banks.
Whilst they are infuriating, people want to Bank with them. This is why they are so profitable. It’s not a fluke!
Have they wronged people? Yes. But not everyone. Punish them for specific wrongs, but let’s not heighten regulation that makes it harder for people to access credit from these banks. They’re hard enough. Just police what’s there….