HomeView 2015 Media ReleasesPoll finds young Australians set to switch banks

A new poll has found many Australians are set to consider switching banks.

A new poll has found many Australians are set to consider switching banks.

The poll, conducted by BLACKMARKET research, found younger Australians in particular could be on the move, with 40% of the 20-34 age group saying they’re likely to consider changing institutions.

“Clearly people are looking for a better deal,” COBA CEO Mark Degotardi said.

“For too long consumers have either sat on their hands or thrown them up in the air in despair but it now appears people are prepared to vote with their feet.”

The BLACKMARKET research poll of 1017 Australians, commissioned by COBA found:

  • 26% of people are likely to consider switching in next 12 months;
  • 50% are likely to consult their institution about their financial future;
  • Twice as many (61%) of customer owned banking customers were “Very Satisfied”, compared to Big 4 customers (28%);
  • Interest rates, fees and charges, honesty and trust and customer service were the most important features for people when selecting a financial institution.

“A significant segment of consumers are clearly prepared to move elsewhere,” COBA CEO Mark Degotardi said.

“As the poll results show, consumers understand that our model allows Australia’s customer owned banks, credit unions and building societies to deliver in ways our major competitors simply can’t match.”

The poll was taken before recent home loan interest rate rises were announced by the big four banks.

Media Release98.03 KB

Blackmarket Research Report416.86 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 credit unions, building societies, mutual banks and friendly societies.  See www.customerownedbanking.asn.au

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