HomeMedia & ResourcesMedia ReleasesTrust in customer owned banking on the rise in wake of Royal Commission

Trust in customer owned banking on the rise in wake of Royal Commission

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Almost half of all Australians have less trust in the big banks because of the Royal Commission into banking.

At the same time, trust in customer owned banking institutions is on the rise.

A recent independent Essential Media poll of 1000 people found that because of the Royal Commission into banking:

·         47% have less trust in big 4 banks

·         18% have more trust in Credit Unions 

·         17% have more trust in Mutual Banks

·         15% have more trust in Building Societies

COBA CEO Michael Lawrence said the findings showed there is a movement towards credible, strong and viable alternatives to the majors, such as customer owned banking institutions.

“We are not surprised to see trust in credit unions, mutual banks, and building societies on the rise in response to the stories coming out of the Royal Commission,” Mr Lawrence said.

“Australians want a banking institution they can trust to put them first. Our model is solely customer focused because 100% of profits are used to benefit customers.”

“Through our Own Your Banking campaign we have seen a genuine shift in consumer sentiment and a willingness to switch to a trusted alternative.”

Brisbane couple Paul and Jo Trotter recently switched from a big four bank to Heritage Bank. 

“What was coming out of the Royal Commission was really the final straw,” Paul said.

“We just got to the point where we said we don’t care what it takes, people have to stand up and break the monopoly of the big four.

“The process could not have been easier. People are fearful that it will be too hard to switch, but it hasn’t been. We were prepared for it to be a bit messy, but it could not have been simpler.”

Read the poll results on our website.

We have created two new campaign videos that explain what’s different about the customer owned banking model, in a humorous way.

Watch The Checkout and The Ice Cream Truck on YouTube.

To find a customer owned banking institution visit ownyourbanking.com.au. Join the conversation on social media using the hashtag #OwnYourBanking.

Media Release156.93 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 customerownedbanking.asn.au

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
Email Mickcontact-arrow

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