Latest News tracks Australian bank popularity

Australia’s Four Pillars elite – the top four banks – moved further ahead in consumer credit card market dominance in the 12 months to April 2014. An anuual survey showed they consolidated their market share against previous credit supplier high flyers HSBC and Citibank.

Sydney New South Wales, Australia (PRWEB) June 26, 2014

Three of Australia’s Big Four banks enjoyed a surge in growth and popularity among credit seekers over the past 12 months at the expense of hyper-active HSBC and Citibank, a new survey by finance comparison site has found.

The Survey conducted in the weeks running up to Australia’s budget, was an annual review of the Australian credit landscape. CEO Roland B Bleyer said: “More than 1,500 credit seekers responded to the survey. One key question was about how they rated the banks when it came to arranging their credit card needs. Year on year the growth was recorded as follows: Commonwealth Bank + 38%; Westpac + 38%; NAB + 25%, while ANZ recorded a comparatively listless + 8%.”

In stark contrast the year on year decline for HSBC was – 50% and for Citibank – 25%.

“Both HSBC and Citibank recorded strong negative reaction because of the level of the unwanted calls they make that are targeted at potential credit customers. They were easily the worst offenders with more than a third of respondents complaining they receive unwanted calls from these two finance providers.”

Bleyer attributes the popularity growth recorded by the Big Four banks listening to customers and adapting their credit card products to be highly competitive. Bleyer added: “In recent years they had lagged behind the smaller operators in the quality of the terms they offer. But they have been fighting hard in terms of customer service and with their large branch networks the past year has seen credit customers coming back to them in droves.”

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