The sticky bank customer is as common as a bank fee in Australia.
But new changes to the banking sector, introduced this week, mean this could all change — and quickly.
The sticky customer is generally classified as someone who doesn't think about their bank much, but feels they might not be getting the best deal.
But it's hard to compare banking products — and switching banks is tedious to say the least — so sometimes, it's easier to stick to the bank you're with.
You own your data
The Federal Government has passed Consumer Data Right (CDR) laws last year creating a general right for consumers to control their data, including who can access it and how it can be used.
Those laws came into effect this week. If you're a customer at one of the big four banks, you can choose to share the data from your transaction and savings accounts, as well as your credit and debit cards — which potentially means you could switch to a better deal.
If you're a customer at a smaller bank, you should be able to share your data within a year or so, while mortgage and personal loan data at the big banks should be shareable from November.
Australian Competition and Consumer Commission (ACCC) commissioner Sarah Court said for the first time, consumers would benefit from their banking data.
"We all have the experience where we have our bank accounts, bundles of mortgages and personal loans, and the pain of moving that information," she said.
"I really do think this could be the solution to that issue."
And it's not just the banking sector facing these changes — the energy and telecommunications sectors are next in line.
New players
One of only two companies accredited to access customer data so far is Sydney-based fintech company Frollo.
Chief executive Gareth Gumbley claimed consumers could save as much as $1,100 a year by sharing their banking data on their app.
"That comes about from being able to help them switch their mortgage, their credit cards, their personal loans, maybe their savings," he said.
The app already has about 100,000 users, but Gareth Gumbley said the new data rules would make the platform far more powerful.
"We are able to see consumers' financial position, see 12 months of transaction history and provide them with insights in under 20 seconds," he said.
Frollo said it made money by selling its technology to companies such as Virgin Money, and it did not on-sell customer data or receive commissions.
But what about privacy?
Strict rules have been developed to make sure that if you decide to share your data, it doesn't get into the wrong hands — but some are still advising caution.
Banks can only share data when the customer tells them to.
And the company your data is being shared with needs your permission too, as well as ACCC accreditation.
While more than 50 companies applied to the ACCC for accreditation this week, only Frollo and the NSW-based Regional Australia Bank have so far got the tick to receive bank customer data.
"There are strict security and IT requirements as to who can come into this system," Ms Court said.
What about the big four banks?
As second-tier banks and fintech challengers try to use the new rules to gain market share, the big banks have been investing heavily in digital technology to combat this.
Global research and advisory firm Gartner predicted Australia's banking and securities sector would spend as much as $18.5 billion on information technology and digital transformation.
The Commonwealth Bank is investing more than $5 billion over the next five years in new technologies, with part of that spend going towards its new data-sharing framework.
The bank's retail services group executive, Angus Sullivan, said online fraud was a constant threat.
"We have more than 7 million digitally active customers who trust CBA with their financial information," he said.
"Ensuring their data is treated safely and securely is core to how we protect their financial wellbeing."
