Banks are under pressure to deliver customers more value

ANZ's announced a 21-percent rise in annual profit, days after Westpac confirmed a 13-percent rise.

Finance Minister Nicola Willis says with bank profits this high, customers should be seeing breakthrough innovation or new technology.

Simplicity Chief Economist Shamubeel Eaqub says we need our banks to be successful, but we also need them to compete for our business.

He says we have a banking sector that's extraordinarily safe and profitable, but not very innovative, and we need to ask why we're paying so much for so little.