Since March, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has held public hearings in Melbourne, during which stories of Australians’ negative experiences with the big four banks have been aired.

And Tasmanians appear to be flocking to smaller Tasmanian banks as a result of the damning revelations. 

The state’s only customer-owned bank, Bank of us, believes the Royal Commission was one of the reasons for its recent growth.

Bank of us chief executive Paul Ranson said Tasmanians were “voting with their feet”.

“We know that the stories of financial misconduct from the Royal Commission have contributed to the number of new customers and enquiries we are seeing,” Mr Ranson said.

“We don’t have the problems of the big banks. 

“As Tasmania’s only customer-owned bank, we are fundamentally different to the listed banks because our customers are our owners – we put our customers’ interests first.”

MyState Limited chief executive Melos Sulicich also said his bank had seen a “steady” growth in new customers since the Royal Commission commenced.

​”The number of customers choosing to join the bank is currently well ahead of the rolling 12-month average,” Mr Sulicich said.

​“Our regular customer surveys are also showing an increasing number of customers comparing us favourably to the four large banks and making specific reference to the reputational issues of those banks. 

“We are seeing a clear direction but I would hesitate to call it a trend at this stage.”

Meanwhile, Heritage Isle merged with the Sydney-based Police Bank earlier this year.

Police Bank marketing manager Rob Price said he was hearing conversations suggesting joining a “member-owned” bank was now being viewed as “a better way to bank”.

“We believe that maintaining our member focus and providing quality products and services are key enablers of trust and so we will continue to do what we’ve been doing,” Mr Price said.