HomeView 2017 Media ReleasesInquiry confirms ‘community focus’ of customer owned banking institutions

An independent report has confirmed that mutual banks, credit unions and building societies are living up to their promise of community engagement.

An independent report has confirmed that mutual banks, credit unions and building societies are living up to their promise of community engagement.

“We welcome this endorsement of our performance against Key Promise 9 of the Customer Owned Banking Code of Practice,” COBA CEO Mark Degotardi said.

“The Customer Owned Banking Code Compliance Committee has reviewed our sector’s focus on community and the impact of that engagement on the wider communities we serve.

“The report is a welcome insight into our sector’s community engagement and also provides some useful recommendations to enable better benchmarking and measurement of performance in future.”

The report’s findings include:

‘Overall, the inquiry has found that customer owned banks are community focused, reflecting their history and the culture and frameworks that underpin their dealings with customers. In light of the general nature of Key Promise 9, all institutions participating in the inquiry met the Code’s requirements.

‘The extent of community engagement is impressive as many institutions work with over 100 different community groups on an annual or ongoing basis.

‘Overall, sport & recreation, welfare/community, education & training and health are the community groups served by the majority of Code subscribers, while there is strong interest in supporting parenting, children & youth as well as the institution’s specific industry sector.

‘Philanthropic or voluntary community engagement which provides no direct financial benefit to the institution is wide-spread irrespective of the size of the institution.

‘The inquiry has shown that community engagement is strong among customer owned banking institutions and reflects the diversity of the sector.’

The report is available here. The Customer Owned Banking Code of Practice is available here.

Media Release133.39 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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Media Contacts

Mick Gibb
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