(31 October 2025 – Australia) Australia’s Business FX market is showing early signs of rebalancing. After several years of market share loss to fintechs and non-bank challengers, traditional banks are winning back commercial relationships. Yet, as East & Partners’ latest Business FX service shows, the recovery is far from complete.
Banks Back on Top — But Not on the Full Wallet
Banks are regaining ground as businesses re-evaluate the value of stability, scale, and service in volatile markets. But while primary relationship share is improving, wallet share continues to erode, reflecting increased multi-banking behaviour.
Corporate treasurers are deliberately spreading flows across multiple providers to optimise pricing, hedge efficiency, and digital functionality. This fragmentation means that even as banks strengthen their relationship positions, they’re capturing a smaller proportion of total client flows.
Service and Experience Gaps Persist
The research reveals a clear contradiction: banks are trusted enough to win business but inconsistent enough to lose it. Onboarding delays, slow pricing turnaround, and underinvestment in digital execution are cited as major friction points.
For treasurers, convenience increasingly outweighs legacy loyalty. When an alternative provider offers faster response times or a better client portal experience, flows move — sometimes permanently.
Non-Banks Still in the Mix
Non-banks continue to hold meaningful share, especially among Micro businesses and SMEs seeking niche solutions or improved digital access. Yet the data shows that their mind share growth has plateaued, as larger clients revert to bank partnerships for integrated services and perceived stability.
The New FX Reality
The line between FX relationship ownership and revenue capture has never been thinner. In 2025, banks can’t rely on scale or brand, they need to differentiate on execution, client understanding, and agility.
As businesses adopt multi-provider strategies, the ability to measure, understand, and act on Voice of the Customer data becomes critical. Those who can identify where satisfaction links to wallet share will turn quiet leakage into measurable growth.