Xinja was delighted to get the opportunity to respond to the Productivity Commission’s draft report into competition in the Australian Financial System. We support the report’s findings and the points raised echo what many of our (soon-to-be) customers have told us about what frustrates them about banking and money.
We also support the objectives behind the Commission’s recommendations, which we believe are appropriate for creating a more competitive financial sector that delivers better customer outcomes.
In addition to the findings of the report, Xinja has made further recommendations in 4 areas:
Empowering Consumer choice and confidence
Encouraging new entrants
A more competitive home loan market
Expanding the benefits of competition
Finally, in agreeing with the Productivity Commission’s findings, we also expanded on those that based on our own experience are relevant to building and competing as a start-up bank. These include the difficulty customers have in making good financial decisions due to the information available to them, the illusion of choice and aligned interests amongst financial service providers and the difficulties that customers experience in switching.