Despite some of the dire evidence to emerge from the commission, it is certainly not all doom and gloom. There will always be a place for the big banks, and they are working to implement essential changes to prove their relevance.
The attention on the industry is also positive for those exploring financing options, as it’s shifted the power even more in favour of the receivers, rather than the providers, of funding. For professional service firms there are an increasing number of lenders who will provide finance without requiring bricks and mortar security.
Both individuals and business alike know that they have choice and understand that, even more than ever, they no longer need to put up with bad service or products that don’t meet their needs.
As is always the case in a free market – those that are good at meeting client’s business needs are rising to the top, and those who are not will fade into the background.