HomeView 2015 Media ReleasesKPMG Report highlights customer owned strengths

COBA today welcomed a KPMG Report which highlighted the sector’s solid growth and encouraging prospects in a period of transformation for financial services.

COBA today welcomed a KPMG Report which highlighted the sector’s solid growth and encouraging prospects in a period of transformation for financial services.

“The customer owned banking sector not only has a proud history but justifiable optimism for the future,” COBA CEO Mark Degotardi said.

“Customer owned banking in Australia is growing and taking steps to enjoy the benefits of disruption and change in financial services.

“Our institutions are being agile and innovative in responding to the challenges ahead and looking at collaborative ways to increase awareness and market share.”

“Today’s report is solid evidence of how we are responding to consumers and a changing banking market.”

The KPMG Report found:

  • Total assets grew by 7.4 percent;
  • Capital levels are comfortably above minimum requirements at 17.8 percent, compared to 13.4 percent for the majors;
  • Total customers increased by 0.5 percent;
  • Impairment provisions remain low at 0.08 percent.

COBA welcomed KPMG’s commentary that there are positive signs “the sector has turned the corner as their transformation journey takes shape”. 

“The customer owned model is just as relevant in 2015 as it has ever been,” COBA CEO Mark Degotardi said.

“We are up for the challenge of providing contemporary banking services and responding to consumer preferences and trends in financial services.

“As the report acknowledges, customer owned institutions have already entered into innovative partnerships with new ‘fintech’ players as yet another way of providing the products and services consumers are seeking.”

Media Release97.47 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 coba3.nexusone.com.au

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Media Contacts

Mick Gibb
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