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Competition between New Zealand telecom companies only really took off once phone number portability was made standard across NZ.
In the same way bank account number portability like phone number portability would greatly aide in customers switching banks & further enabling competition, as Massey University banking expert associate professor Claire Matthews suggested.
Banking expert: Why NZ’s banks are so profitable | Q+A 2023
However an inquiry needs to be done into the cost per transaction using new server technology & resulting charges to retailers & customers.
We really need more transparency of the costs of operation to the public to make sure that the "artificial" market prices for banking services does not excessively exceed the actual cost of providing the service or product.