Australia's financial institutions have been urged by groups representing their customers to follow the road map for industry reform laid out by the banking royal commission, instead of just paying it lip service.
Royal commissioner Kenneth Hayne QC's final report was handed down on Monday, including 76 recommendations and scathing criticisms of industry players.
Consumer group CHOICE says the report - which has drawn on more than 10,000 submissions and 69 days of public hearings - is a "once in a generation" opportunity to clean-up the sector.
But just how much things change will come down to the banks, chief executive Alan Kirkland says.
"This represents a key turning point for the industry and its lobby groups: will they pretend to accept the recommendations then lobby to undermine them behind closed doors, as they have with every other major reform?" Mr Kirkland said.
"Or will they realise that if they want to win back community trust, this time they need to act with integrity?"
Consumer Action chief executive Gerard Brody said the final report's recommendations should deliver improved standards in the sector, including by closing "loopholes" in laws protecting customers.
But he anticipated it could be hard to bring the industry around to changes.
"Commissioner Hayne pointed to a reluctance of some entities to admit they have done the wrong thing, and even continuing some problematic practices," he said.
Centre for the Ageing Australia chief executive Ian Yates has embraced the final report's recommendations, including ensuring mortgage brokers are acting on behalf of their customers and not lenders.
Commission Hayne's push for future reviews of how effective his recommendations have been will also help keep banks in check, he said.
"Those reviews must involve strong consumer voices and other independent players," Mr Yates told AAP.
The ACTU has not been so positive, saying the final report has failed victims of banks by making too few recommendations.
The council also believes the report should have made direct referrals for criminal or civil prosecution to the Australian Federal Police or Director of Public Prosecutions.
"The report is wholly inadequate and fails to get to the core of the issues in the banking sector and the insatiable greed of the banks and lets those responsible - the bank executives - off the hook," ACTU President Michele O'Neil said.
Treasurer Josh Frydenberg has promised action on all 76 of Commissioner Hayne's recommendations.
The banking industry is also determined not to miss the opportunity to reset its relationship with the nation, according to Australian Banking Association chief executive Anna Bligh.
"I can understand in the circumstances that many people may be cynical about whether banks will change," she told reporters.
"To those people I would say, don't judge banks by their words, judge them by their actions, in the coming weeks, the coming months, as they implement this report."
