Elite Status is Bad for banks

BANK CUSTOMERS HAVE BECOME ELITE UNDER APRA

Raw numbers for just 3 main known lenders of BNPL reveal the following customer numbers and many of whom would not have a chance at getting a bank housing loan and more likely to be renters perhaps.
APT has 4,600,000 customers
FXL has 1,700,000
Z1P has 1,300,000
Total 7.6 million customers banks have lost assuming customers don't have accounts with all three providers plus bank credit cards .

How can RBA & APRA claim they can save our banks and economy with so many people shut out of the direct banking lending system? NAB lends money to APT & Westpac to ZIP so there must be a risk to both these banks.

So how do APRA claim they can save customers from borrowing too much by forcing them to accept APT, ZIP & FXL payment systems at much higher costs than bank credit cards? I measure an additional cost in view banks are taking a dim view of anyone using BNPL services when applying for a home loan and the risk of getting a bad credit score is higher using these services.

There are just too many banks and many should be consolidating by merging asap.

#banking #nab #rba #westpac #economy #realestate #monetarypolicy #finance #apra #ceos