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

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

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
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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.

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A version of this article appeared in the print edition of The Straits Times on July 08, 2019, with the headline Digital banking: New players bank on breaking stranglehold of Aussie 'big four'. Subscribe