Australia’s largest businesses are increasingly less inclined to move their primary transaction banking relationship to a non-big four bank, according to recent research conducted by banking industry consultants East & Partners.

 

A recent survey of the country’s Institutional business markets show that the big four Australian banks continue to dominate the banking business of Australia’s largest companies, with a collective stake of 84 per cent of Australia’s top 5000 businesses.

 

The survey found that 91 per cent of those companies are very unlikely to consider a change to a non-big four bank for their banking business.

 

The survey found that 63 per cent of Australia’s top 500’s transaction banking relationships are currently subject to a period/term contract, whule 40 per cent of these contracts are set to expire within the next two years.

 

East & Partners’ Principal Analyst Paul Dowling commented, “With payments, cash and deposit business now central to bank relationships with their big customers, transaction banking is definitely the key market share battle ground.