The chairman of federal parliament's Standing Committee on Economics, Tim Wilson, has lashed out at the conduct failures of the major banks, saying they must learn from the "reality check" of the Hayne royal commission and change their bonus-led cultures.

His comments come as the chief executives of the nation's largest four banks prepare to face their first public grillings, beginning Thursday, over rampant misconduct and potential breaches of legislation detailed in the royal commission's interim report.