Commonwealth Bank boss Ian Narev would be the first to admit his bank could improve in some areas.
But he has told a parliamentary committee the bank was doing better at listening to customers and was committed to efficient redress.
"I'm not saying 10 years ago, five years ago, even two years we were doing as well as we need to and I think today there's still work to do.," Mr Narev told the House of Representatives economic committee on Tuesday.
It was the first of this week's hearings of the big four banks - Prime Minister Malcolm Turnbull's alternative to calls from Labor, the Greens and some crossbenchers demanding a royal commission into the banking industry.
They come in the wake of a string of financial scandals in the past decade or so, fleecing mum and dad investors of millions of dollars.
Mr Narev said he had met with customers with experiences of being let down by the bank.
"I've said before how sorry I am for the pain that we've caused them. I say so again today."
Mr Narev was quizzed on a range of areas by the 10-strong, government-dominated committee:
* He conceded an independent review found that around one in 10 customers who had applied for an advisory review program had received inappropriate financial advice from the bank.
* He defended the bank's small business loan rates as being more appropriately priced for risk and why they are comparatively higher than during the GFC.
* He said staff were encouraged to engage with their customers about their financial needs for which they are rewarded.
* He was open to the proposal of a new banking tribunal, funded by the sector, to handle complaints by consumers.
Even so, Labor MP and deputy chair of the committee Matt Thistlethwaite said after his allotted 20 minutes of questioning he still had two days of questions to ask.
"Will you come back before the end of the year," Mr Thistlethwaite asked Mr Narev, who responded by saying it would be up to the committee.
Having fought off the need for a royal commission for months, the prime minister's decision to establish the parliamentary review finally came after the banks failed to pass on in full to borrowers the Reserve Bank's August interest rate cut.
Instead, the big four banks offered higher term deposit rates as part of their response.
But committee chairman Liberal MP David Coleman pointed out CBA had subsequently cut its deposit rates since August.
Mr Narev said the bank never intended the repriced deposit rates would continue indefinitely when it made the announcement.
"A lot of customers have taken the opportunity to get higher rates which, as you will be aware, because of the nature of the product, they will continue to get for the period that they invested in the term deposit," he said.
ANZ chief executive Shayne Elliott will face the committee on Wednesday morning, while the heads of National Australia Bank and Westpac will be heard separately on Thursday.
