The head of the ANZ bank, Shayne Elliott, has admitted he believes Australia's big banks are out of touch with their customers.
Mr Elliott has appeared before a parliamentary inquiry into the banks.
The inquiry comes after Prime Minister Malcolm Turnbull demanded the banks appear before the committee at least once a year following a series of banking scandals.
But Mr Elliott has defended his bank's handling of poor management of its financial-advisory arm, fee-overcharging and the failure of a managed-investment scheme causing bankruptcies and financial hardship for many clients.
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