As you are probably aware, the Australian telecommunications regulator mandated mobile phone number portability which eliminated a major source of ‘lock-in’ previously available to phone companies.
Today banks enjoy a very similar source of lock-in – the lack of portability of bank account numbers. Changing from one bank to another s requires the re-establishment of receipt and payment methods with employers, customers and service suppliers. The hassle and effort here works in the banks’ favour by increasing the cost of moving from one bank to another.
I imagine a future in which I can switch banks without disturbing any of my other financial relationships! When I accept funds or pay someone I use a number that is owned by me, not my bank. If I change banks, the number comes with me.
We enjoy this opportunity with our mobile phone communications - anyone else interested in having the same opportunity with our money?