Today the Commerce Commission released the draft report for its Personal banking services market study, stating that the major banks in New Zealand do not currently face strong competition.
We welcome the focus this report draws on prosperity – which isn’t about who’s profitable or the returns of different players; it’s about taking a multistakeholder view and starting a conversation about what we can do to promote the shared wellbeing of all New Zealanders.
Considering what we see in the global banking markets relative to what we see in Aotearoa New Zealand, we need to be more progressive, to move faster and to be more innovative. As a progressive country we are a long way behind.
The report prompts us to work collectively to further evaluate what is in the best interest of our financial markets, capital markets, economy, and the wellbeing of consumers going forward.
Where to from here?
This study is the first step in a journey that we support and encourage. This journey must also work towards an integrated view of the different initiatives across our markets and their interconnectedness with economy.
Innovation forces us to think differently, to be strategic as well as tactical, to synthesise the needs of different stakeholders in our market and move forward in a way that is responsive and mostly positive in our view.
KPMG looks forward to supporting all stakeholders as this journey gets started, and we will continue to provide insights as the conversation evolves.
If you have any questions on how KPMG can help you navigate insights from the Commerce Commission market study please don’t hesitate to contact the team.
