HomeView 2017 Media ReleasesResults show customer owned banking strength

Latest figures released today show consumers are responding to the great products and service offered by the customer owned banking sector.

Latest figures released today show consumers are responding to the great products and service offered by the customer owned banking sector.

APRA quarterly statistics show housing loans from customer owned banking institutions grew by 7.7% in the last year, compared to the major banks’ 5.6%. 

The sector also increased deposits by 7.3% annually, well above system growth and the 5.4% recorded by major banks.

Total customer owned banking sector assets now exceed $108 billion.

“These results show Australian consumers are responding to the great products and service offered by mutual banks, credit unions and building societies,” COBA Director of Policy Luke Lawler said.

“The APRA statistics serve as a continuing vote of confidence in the customer owned model which brings something fundamentally different to the retail banking market.

“Our ownership model puts the customer first through excellent service and highly competitive home loans, personal loans, credit cards and deposit products.  

“Customer owned banking institutions are regulated in the same way as investor-owned banks but our focus is entirely on customers, without the conflict of interest between customers and shareholders.

“These growth figures underline our sector’s capacity to expand our customer base of more than 4 million Australians.” 

Media Release

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 and mutual banks.  See www.customerownedbanking.asn.au

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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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