Embracing Australian banks ?

As public distaste grows against large Australian banks, it’s equally relevant to acknowledge their position and power.

Government and customers have built them into the goliath’s that they are today. I see them as giant planets in their own right, spinning above Australia dominating business and money flows.

It’s futile to resist their dominance.

The shame is that banks often cite the importance of shareholder value ahead of customer service and satisfaction. Shareholders buy and sell your shares while it’s usually customers that stay with you, until perhaps they too are disappointed or ignored.

When another crisis of confidence occurs, citizens will once again ask and worry about where their money is custodied and unfortunately, the small building societies will have a difficult time appeasing those concerns.

If you think the large Australian banks are making a lot of money now, just wait until their funding costs ease and they actually start lending again !

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