HomeMedia & ResourcesMedia ReleasesAustralians continue trend of picking customer owned banking institutions over the ‘Big Four’

Australians continue trend of picking customer owned banking institutions over the ‘Big Four’

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The trend of Australians choosing to bank with customer owned banking institutions has continued, according to the latest Quarterly ADI Statistics released by the Australian Prudential Regulation Authority.

The latest data shows that over the past 12 months the customer owned banking sector’s housing loans have increased by 7.8 per cent while the major banks grew by just 2.6 per cent.

Credit unions, mutual banks and building societies now hold more than $121 billion in assets; an increase of $2 billion or 1.7 per cent compared to the last quarter.

Australians are also choosing to place their deposits with customer owned banking institutions. The data reports total deposits for the sector now sit at $103 billion; an increase of $1.7 billion or 1.7 per cent from the previous quarter.

Customer Owned Banking Association CEO Michael Lawrence said consumers want institutions that put their interests first.

“With growth rates like this it’s clear that word of our sector's customer satisfaction scores, competitive interest rates and innovative services is spreading.

“Australians want, and deserve, to be put first by their bank. Thankfully there’s an entire sector with a 150-year legacy of doing just that.

“These figures are a positive indicator of improving competition, but now is not the time to become complacent. If greater customer outcomes are the goal, then greater competition is the means.”

Australians are urged to visit ownyourbanking.com.au to learn more about customer owned banking.

A PDF of this media release can be downloaded here.

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