According to Essential Media polling, 8 per cent of Australians have already switched banks in light of the royal commission and a further 17 per cent will consider switching.
While the findings were based on polling performed by Essential Media, the study was commissioned by the Customer Owned Banking Association (COBA).
It also found that 58 per cent of Australians haven’t been swayed by the royal commission into considering a switch.
An additional 18 per cent of Australians aren’t sure whether the royal commission has caused them to reconsider their institution.
This is the group COBA wants to target with its recently launched ‘Own Your Banking’ customer switching campaign.
“The Own Your Banking campaign we launched this week is a response to encouraging support we have already seen for mutual banks, credit unions and building societies,” said COBA chief executive Michael Lawrence.
“We are particularly keen to target our campaign toward the Australians who are considering changing and those undecided.”
He said the Essential Media results show an increasing number of Australians are seeking the benefits of customer-owned banking, and alternatives that prioritise customer interests over shareholders’.
It found that 32 per cent of Australians were more likely to consider switching banking institutions.
Interestingly, 9 per cent said it had made them less likely to consider changing.
Most (46 per cent) said it had made them neither less nor more likely to consider a shift.
Reflecting on these figures, Greater Bank CEO Scott Morgan said the shift is a testament to customer-owned banking values.
“Customer focus is … an important aspect customers are increasingly looking for,” he said.
“Recently we have enjoyed the benefits of this focus with the bank experiencing some of the highest levels of customer growth we have seen in many years.”