In its final report on personal banking, the Commerce Commission says there is little competition in the sector, with the dominant big four Australian owned banks making high profits, while Reserve Bank's rules make it difficult for smaller banks and new entrants to challenge.
It says Kiwibank needs to strengthened and open banking must be brought in to bring more competition to the bank sector.
Associate Professor Claire Matthews, Acting Head of School of Accounting at Massey University joins Emile Donovan to discuss the report.
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Photo: RNZ