HomeView 2014 Media ReleasesCustomer owned sector ready for growth challenge

COBA said today the customer owned banking sector is well positioned to meet the challenges laid out in a survey released by KPMG.

The KPMG Mutuals: 2014 Survey highlights a well capitalised sector with growing assets and historically low loan delinquency rates.

Customer Owned Banking Association Acting CEO Mark Degotardi says KPMG has made some observations about a pathway to achieve industry growth but these hold few surprises.

“Our industry recognises the need to collaborate, share services and make further investments in technology and innovation,” Mr Degotardi said.

“As a sector we have already identified these areas as critical to our future success.

“We want to raise awareness of the benefits of the customer-owned banking model to increase our rate of growth.  Our industry isn’t taking off from a standing start – we have four million customers so we have a great base from which to grow our market share.”

COBA welcomed KPMG’s finding that increased concentration in financial services “is not in the best interests of maintaining a strong and diverse Australian banking industry”.

COBA has recommended to the FSI Panel that major bank capital holdings could be increased by higher capital requirements for “systemically-important” banks and through a floor on the risk weight the major banks can apply to home loans.

“KPMG is another voice noting the benefits of fostering competition in banking in Australia.

“Fixing unfair regulatory capital settings will stimulate competition and choice for consumers while making a strong financial system even stronger,” Mr Degotardi said.

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 credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

Download PDF release here92.66 KB

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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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