Kiwi Banks Report: Profits Over Progress? | TVNZ Breakfast

Personal banking is a two-tier sector with limited competition and no disruptive forces to drive consumer benefits. That's according to the first study into Aotearoa's personal banking services, led by the Commerce Commission.

Sam Stubbs from KiwiSaver provider Simplicity joined Breakfast (00:31) and said the Commerce Commission needs to "start thinking seriously about open banking", meaning you could change your bank like you change your power company to create more competition.

Later, 1News business correspondent Katie Bradford joined Breakfast (05:55) to report on the findings of the 14-month study. Bradford said the pressure “will be on” both the banks and the Government to see how they react and suggested it will be interesting to see if the banks admit any wrongdoing.


▶ Chapters:
00:00 The Commerce Commission study
00:31 Sam Stubbs, Simplicity KiwiSaver Scheme
01:24 "Open banking" explained
02:42 Changes that should happen
03:31 Why should Kiwis care?
05:10 Where from here?
05:55 Katie Bradford breaks down the findings

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