Hefty profits, virtually no real competition and weak incentives to do better.
That's a snap shot of the banking sector according to a draft market study from the Commerce Commission.
It concludes a disruptor's needed to shake the sector up and force some aggressive competition, because consumers are missing out.
But it warns Kiwibank is not big enough to force the change needed.
Massey University's Professor David Tripe speaks to Lisa Owen.
