Personal banking services - final competition report

Resource
Written By Walsh and Beck

The Commerce Commission’s final competition report on personal banking, released in August 2024, found that New Zealand’s four largest banks do not face strong competitive pressure and tend to match each other’s prices rather than compete aggressively. The Commission described the sector as a stable oligopoly with no maverick provider driving stronger rivalry.

The report made 14 recommendations aimed at improving competition, with a focus on reducing barriers for smaller providers, improving consumer switching, and enabling innovation such as open banking.  

View Personal banking services - final competition report (PDF)

Source: New Zealand Commerce Commission, https://www.comcom.govt.nz/regulated-industries/projects/market-study-into-personal-banking-services/

Walsh and Beck https://walshandbeck.nz
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