The ‘Big Four’ banks
Commonwealth Bank, National Australia Bank, ANZ and Westpac are considered the four largest banks in the country in terms of market share and asset value. In 2018, Commonwealth Bank had a brand value of over 16.4 billion U.S. dollars. Australia’s financial regulatory system is considered robust - as of 2019, all four banks ranked in the top 25 safest banks in the world.
Rise of internet banking
Internet banking, whether through websites or mobile apps, was used by almost half of all Australians with a bank account in 2018. Accessing banking services online was by far the most commonly used banking method when compared with telephone banking or visiting a physical branch. In fact, mobile banking is fast becoming the most common way to bank across the country, with many Australians taking advantage of the convenience of using a digital platform to manage their finances.