New research found that 37 percent of South Asian respondents use traditional banks for remittances.
Photo: RNZ / 123rf
The Commerce Commission has reaffirmed banking rules need to be eased, Kiwibank beefed up and open banking promoted to bring greater competition into personal banking services.
The commission on Tuesday released its eagerly awaited final report into competition in the retail banking sector.
Commission head John Small said stimulating competition in personal banking services requires a “multi-faceted approach to ensure that it’s baked in.”
Small said open banking could be a game-changer, giving thousands of underserved Kiwis access to financial services and revolutionising consumer choice.
The recommendations are little changed from the draft report in March and steer clear of suggesting the big four Australian banks should be broken up.
The draft report had also recommended the government look at ways to beef up Kiwibank by increasing its capital.
More to come …