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2025 has been far more turbulent for the banking sector than anyone would have predicted in January.
Changes of leadership at the Reserve Bank of New Zealand, a Select Committee Inquiry into Banking Competition and its subsequent report last month, an urgent bank capital review, an overhaul of New Zealand’s consumer credit legislation, global tariffs – none of these were on the bingo card when the year started.
On top of this, a number of long-planned, multi-year changes are now coming to a head. Legislated open banking will commence in a couple of months, and New Zealand has also joined the rest of the world providing deposit insurance, with our Depositor Compensation Scheme.
In our latest report The banking industry: A look ahead we take a step back, and focus on what we consider to be the five key overarching factors that are driving sectoral change over the long term.
This year, we consider the factor with the single greatest future impact to the banking sector and its customers is not a direct matter of law or regulation, but instead relates to the customers themselves.
