With a hat tip to the Xero gang for pointing out this report that comes up with the finding that NZ SMEs are paying too much for their banking services. We’ve go a situation where a few bog players, mired in archaic processes, hold u all to ransom. An SME has no choice as to whether or not to have a bank account – and therefore their only option i to pick from an (arguably) bad lot.
The banks are also supported in their anti-competitiveness by the central bank who regulates who can, and cannot, provide banking services.
Roll on banking 2.0…..