HomeView 2016 Media ReleasesCustomer owned partnerships spark growth and innovation

Partnerships in the customer owned banking sector that lead to further growth and innovation are welcomed by the Customer Owned Banking Association.

Partnerships in the customer owned banking sector that lead to further growth and innovation are welcomed by the Customer Owned Banking Association.

The recent proposal in Queensland between RACQ and QT Mutual Bank is one example of sharing expertise and resources whilst maintaining ownership by customers and organisational history.

“We are seeing customer owned institutions more and more seek out innovative and new ways of doing business with like-minded organisations,” COBA CEO Mark Degotardi said.

“The banking market is undergoing an exciting wave of change and our sector is well position to look at ways it can invest and build on its success so it can continue to grow and offer great value for money banking services with outstanding service.

“This is one of many long-term strategies in our sector at the moment that is driving momentum and delivering better consumer outcomes in the banking market. It delivers far better results for customers than short term decision-making typically associated with demutualisations that destroy generations of accumulated value.

“Consolidation in our sector is leading to more investment in technology, enhanced products and customer service while maintaining a customer owned and community focus.

“Institutions like QT Mutual Bank have rich histories and proposals like this will ensure the organisation stays in member hands and stays true to its origins.

“Customer owned entities have built up over time and it’s a great result when our institutions can maintain the values and foundations they were built on, while entering into new and exciting pathways for growth.”

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

Media Release

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
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