Scott Morrison: more banks means cheaper loans

Bank

Treasurer says make it easier for ADIs to call themselves banks will encourage new wave of fintech lenders The Government is going to make it easier for authorised deposit-taking institutions to call themselves banks, in the hope it will reduce the cost of loans. The benefits to the customer are simple – cheaper loans.Morrison pointed to the UK, where easing usage of the word bank in 2013 encouraged the growth of new digital banks such as Monzo and Starling. However, there has been only one new bank licensed in the last decade that was not already anADI or subsidiary of a foreign bank.

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Image courtesy of mpamagazine.com.au

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