Major Australian banks are allowing customers to defer mortgage payments up to six months - Business Insider

In addition to the tangible positive impact of reducing customer financial stress, the Big Four's relief efforts could boost the incumbents' reputations, which is key as the market has become more crowded with challengers.

That's especially important as Australia has seen an of high-profile neobanks — like 86 400 and Xinja — enter the space in recent years and challenge the Big Four with higher interest rates and no-fee offerings. Boosting customer loyalty now could help incumbents retain more of their customer bases in the face of the neobank threat.Business Insider Intelligence analyzes the banking industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more.

an interesting point here, the incumbents have the capacity and capital to provide such service where the challengers can not be so flexible, will be interesting to see how this plays out

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