Almost everyone agrees that the Big 4 banks in Australia have dominated the Australian market for so long and the consumers have paid the heavy price through:
- Withholding interest rate cuts
- Negligible interest on deposits
- High barriers and disproportionate collateral requirements for businesses to borrow
- Excessive bank charges, ATM fees and restrictive terms and conditions.
While no one grudges that banks like any other business should be profitable, the Big 4 banks made over $31 billion in profit last year.
It is not really much fun if you have just four main banks to choose from and each one of them behaves in a monopolistic fashion. Fortunately, the arrival of the neo banks is disrupting the industry. Neo banks are financial technology firms that typically offer digital banking services and are not only cheaper but are technology driven, more transparent and have a lot less complex and stringent terms and conditions. We are already seeing significant uptake by the customers, particularly the younger generation. They are likely to be quite popular with small businesses as the large banks have traditionally focussed on large loans and businesses while their marketing departments continue to mislead you to the contrary. Suddenly, Australians have a real choice and Australia’s big bank monopolisation might finally be getting a kick up the butt. Their names may sound toy like, such as Xinja, 86 400, Up, Volt or Revolut, they are certainly going to be a force that the legacy banks will need to reckon with.
We see some parallels between what is happening in the banking industry today compared to what we are trying to do in the blasting industry. For too long, the market has been dominated by large monopolistic suppliers. We hear several tales from customers of being charged surge pricing, poor customer service (and we know this first hand from our experience as blasters).
At Quantum Blast, we therefore made it our mission to lead the way through quality products and service to offer choice, transparency and a level playing field. We offer excellent quality products at extremely competitive prices with an unmatched service. We offer transparency of our pricing and ease of convenience to all our customers through our digital shopping portal. We do not discriminate between our customers – big or small, in cities or in remote rural areas. And unlike some of our competitors, we don’t need your personal details if you need to purchase a nozzle.
If you believe in these values, you may be inclined to support us in our mission to disrupt the industry and to offer real value to you as a customer. Please get in touch with us and let us know how we can help you.