New Zealand regulators urged to tackle bank switching costs for consumers
Switching banks in New Zealand can be a hassle due to various costs involved, which stop people from changing banks even if they want to. The study identified seven types of switching costs, with Hassle being the most significant. To address this issue, regulators should recognize these costs and consider them when evaluating competition and bank mergers. They should also look into making bank account numbers portable, but let the market handle comparing bank products and services.