HomeMedia & ResourcesMedia ReleasesCOBA welcomes KPMG backing of sector strength

COBA welcomes KPMG backing of sector strength


COBA welcomes the backing from KPMG today in its annual review of the customer owned banking sector which highlighted strong financial performance.

KPMG Australia’s Mutuals Industry Review 2017 found strong balance sheets, asset growth and home loan lending growth as more Australians respond to the customer owned difference.

“We welcome KPMG’s analysis that customer owned banking offers a compelling and strong alternative,” COBA Acting CEO Dominic Dunn said.

“The review notes our strong performance in a challenging operating environment.

“Importantly it found that banking competition reforms will help the customer owned sector continue to grow and offer more products and services to more Australians.

“We particularly highlight the perspective on our sector’s investment in new and emerging technology. As KPMG points out:

“…six of the top 10 mutuals already partner with the Apple Pay, Android Pay and Samsung Pay systems, compared to just one of the majors. New opportunities for collaboration, the arrival of the New Payments Platform, and the growth of Australia’s fintech sector will open up new doors for mutuals as they concentrate on attracting the next generation of consumers.”

“Our sector was also acknowledged in the report for its investment in new mobile offerings, refreshed web design and improved digital experience.

“Customer owned banking institutions collectively have four million customers and $108 billion in total assets and deliver an unmatched customer focus to the banking market.

“Today’s annual review from KPMG is further evidence of why consumers should consider switching to a customer owned banking alternative.”

Media Release207.87 KB

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies.  See www.customerownedbanking.asn.au


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