New players take a bite out of big bank share as consumers increasingly value trust and tech
- 42% of Aussies don’t trust banks
- 3 million want to switch financial institutions
Sydney – October 1, 2025 – For decades, the ‘Big Four’ banks (Commonwealth, Westpac, ANZ, and NAB) have been the dominant players in Australia’s, but new data from Nielsen Consumer & Media View (CMV) shows that dominance is giving way to caution, heightened distrust, and a restless appetite for better deals, reshaping how Australians manage their money.
According to Nielsen’s latest findings, 42% of Australians (9.5 million) say they don’t trust the major banks, while 13% (3 million) are actively considering switching their main financial institution.
Despite this, the big banks still hold most household financial relationships, as challenger brands steadily carve out space, such as ING, which now holds 6% of the market.
Glenn Channell, Nielsen’s Pacific Head of Advanced Analytics said: “The battleground for consumer trust has never been more fiercely contested, with mobile banking now the primary branch. What’s changing just as quickly are the people behind those transactions. Nielsen CMV Persona Packs allow us to pinpoint which segments are shifting their loyalties and why, providing insights that can mean the difference between customer retention and churn.”
Transactional and savings accounts remain the top financial use for 86% of Australians, with debit cards (61%) and online savings accounts (49%) close behind. Even credit cards (held by 37% of the population) are approached with caution, with one in five Australians who own them paying the balance in full each month.
Security is also a priority for Australian financial consumers, with two-thirds (15.1 million) describing themselves as “careful with money,” while more than half are actively saving for the future. 32% are also ”actively shopping around” for the best deals on financial products.
Nielsen’s data also shows that while Australians are deeply engaged with their banks, loyalty is conditional. The rise of mobile banking, now used by 57% of the population, has transformed expectations. Apps are no longer service channels but the primary interface for finance, meaning glitches, poor design, or opaque communication can quickly erode trust.
This fragility opens the door for partnerships that weave financial services into daily life, such as co-branded credit cards with supermarket giants or automotive partners, offering discounts on groceries or fuel.
Monique Perry, Managing Director of Nielsen Pacific added: “Banks need to think less about products in isolation and more about financial services as part of lifestyle ecosystems, which is what CMV and Advanced Audiences do best. From digital wallets to retailer-linked loyalty, Australians want their finances to be easier, safer, and better value.”
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