HomeView 2014 Media ReleasesCOBA welcomes CHOICE competition stance

The Customer Owned Banking Association welcomes comments today by consumer group CHOICE calling for a more competitive banking system.

CHOICE today acknowledged the market leading customer satisfaction and competitive pricing offered by the customer owned sector and other banking players.

In releasing its submission to the Financial System Inquiry Choice CEO Alan Kirkland:

"Across every product category we looked at – transaction and savings accounts, home loans and credit cards – the big four banks rank lower than their smaller competitors for customer satisfaction."

“This is obviously at odds with their overwhelming market share, and points to a lack of competitive pressure, where those businesses that perform best are not being rewarded."

“CHOICE believes that Australia’s financial sector has a strong foundation, but without increased competition, driven by consumers, we will continue to see the major banks put their customers second when it comes to big decisions on interest rates."

As COBA outlines in its submission, our sector’s focus on customer needs is demonstrated by market-leading customer satisfaction ratings.

Customer-owned banking institutions offer the full range of products and services, including highly competitive home loans, credit cards, personal loans and deposits.

Competitive pricing for consumers includes lower average standard variable home loan rates than the major banks and sharply lower average credit card rates*.

*Based on Infochoice analysis of Cannex data over a period of ten years, customer owned ADIs had consistently lower advertised average standard variable home loan and credit card rates than the major four banks. 

To read COBA’s submission visit www.balancebanking.com.au

For more information and interview requests 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

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Media Contacts

Sally Mackenzie
Director - Strategy & Stakeholders
P: +61 2 8035 8450
M: +61 412 721 663
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