An idea to get bank profits down without needing an inquiry.

Jacinda Ardern is telling banks to consider their social licence to operate, after ANZ announced a record profit of $2.3 billion dollars, and Westpac more than $1 billion.

The Government says the Commerce Commission won't be called in to take a look.

Simplicity Founder Sam Stubbs says we could try open banking, a system used in other developed nations - where books are opened to a financial provider, allowing easy comparisons.

LISTEN ABOVE

• Jacinda Ardern addresses banks making record profits in this current economy
• Watch: 'I don't think it's justifiable'- PM on banks' record profits
• Westpac CEO addresses their recent 12 percent profit increase
• Cameron Bagrie: Record high profits heading ANZ's way