Digital banking: New players bank on breaking stranglehold of Aussie 'big four'

Commonwealth Bank of Australia, ANZ, National Australia Bank and Westpac - collectively make more than A$30 billion (S$28.5 billion) in profit each year and control 85 per cent of the home loan market.
Commonwealth Bank of Australia, ANZ, National Australia Bank and Westpac - collectively make more than A$30 billion (S$28.5 billion) in profit each year and control 85 per cent of the home loan market.PHOTO: REUTERS

Starter licences to spur competition draw smaller outfits offering user-friendly apps

For decades, Australia's banking sector has been dominated by the "big four" - a group of banks that are among the most profitable in the world.

These banks - Commonwealth Bank of Australia, ANZ, National Australia Bank and Westpac - collectively make more than A$30 billion (S$28.5 billion) in profit each year and control 85 per cent of the home loan market.

Please or to continue reading the full article. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content
A version of this article appeared in the print edition of The Straits Times on July 08, 2019, with the headline 'New players bank on breaking stranglehold of Aussie 'big four''. Print Edition | Subscribe