Judo Bank says this cost it a $9 billion strategy target.Judo says the big banks are still dragging their heels when customers want to switch business lenders amid growing regulatory scrutiny of potential anticompetitive conduct.big banks delaying the discharging of small business loans more than two years ago,Judo CEO Joseph Healy: “There are one or two banks, when Judo is on the other side, things slow down a bit.
Mr Healy said this was due to delays from big banks releasing existing borrowers. “We would have sailed past the $9 billion in June, but for some delays in settlements at other banks,” he told analysts. It hit the target about 10 days into July.In a follow-up interview, Mr Healy said: “You have to chase up, get your customer to call them, and it gets particularly difficult at the end of June, the end of September and the end of December.
Last week, the federal government announced a competition inquiry by Treasury and led by Grattan Institute chief executive Danielle Wood and former ACCC chairman Rod Sims, who will examine market power in oligopolistic industries.Bank competition came into focus during parliamentary hearings last week into competition and “promoting economic dynamism”.