Credit unions, building societies win 2010 Mozo People’s Choice Awards
14 September 2010
In the inaugural Mozo 2010 People's Choice Awards released today, consumers have overwhelmingly favoured credit unions and building societies when it comes to overall value.
The Greater Building Society won Best Building Society and Victoria Teachers Credit Union won Best Credit Union, with Victoria Teachers Credit Union also gaining the place of Australia's number one banking provider, based on 23,938 consumer reviews and ratings across 131 financial institutions.
Overall, mutuals received the highest average consumer rating in every product category: credit cards, home loans, savings products, bank accounts term deposits and personal loans.
"The Mozo People's Choice Awards clearly show that credit unions and building societies continue to deliver outstanding value to their customers," said Abacus – Australian Mutuals CEO Louise Petschler.
"What is particularly pleasing is that in addition to being streets ahead of the banks on customer service, credit unions and building societies, on average, polled the strongest in every banking product category," Ms Petschler said.
The Mozo People's Choice Awards reflects more than 23,000 consumer reviews on mozo.com.au across six criteria: overall satisfaction, price, features, customer service, convenience and trust.
When examining the overall scores, credit unions and building societies dominated, with the awards revealing that:
- 7 out of the Top 10 rated banking providers are mutuals;
- 6 out of the Top 10 most recommended banking providers are mutuals; and
- 8 out of the Top 10 rated banking providers on customer service are mutuals.
"I'd like to congratulate Victoria Teachers for being awarded Australia's Best Credit Union 2010 People's Choice Award and The Greater Building for Best Building Society 2010 People's Choice Award.
"I'd also like to acknowledge the strong performance of five other mutuals that make up the Top 10 rated banking providers: Police Credit (Vic), Teachers Credit Union (NSW), Police Credit Union (NSW), Queenslanders Credit Union and Newcastle Permanent Building Society. This is an outstanding achievement," said Ms Petschler.
Ms Petschler said that the mutual advantage was particularly evident in lending products, with credit unions and building societies receiving the highest average rating in every lending category and taking out three of the Top 5 home loan awards.
For more information, please contact:
Pamela Eldridge
Senior Adviser - Media, Public Affairs
(02) 8299 9024; 0423 843 790
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