A recent survey of over 1,000 Australians reveals parents have the biggest influence on banking choices, with more than half (53%) choosing their primary bank due to parental guidance. This means Aussies risk missing out on benefits like competitive rates, superior customer service, and values-aligned institutions.
The survey[1], commissioned by the Customer Owned Banking Association (COBA), found that 33% of respondents had their accounts opened for them by their parents, while another 20% opted for the same financial institution their parents used.
“It’s a common story: your parents opened your first account, and many simply stayed with that bank. But as we grow, so do our values and priorities. We encourage Australians to ask themselves if their bank truly reflects who they are and what they care about today,” COBA Chief Operating Officer Stephanie Elliott said.
As a result of parental influence, 61% of Australians have never switched banks.
“By not making a proactive choice on which institution you bank with, you could be overlooking competitive rates and fees, market-leading customer service, or the chance to bank with an institution that truly aligns with your specific needs and values – all qualities customer-owned banks are renowned for,” she added.
For those who have made the move, the primary reasons were better fees or rates (53%) and poor customer service with their previous bank (20%).
Earlier this year, Roy Morgan Bank Trust and Distrust research revealed customer-owned banks are the most trusted banking sector, while the overall banking industry is distrusted. Independent research consistently shows customer-owned banks not only outperform major banks in customer satisfaction but also contribute to their communities at a rate nearly nine times higher.
“It’s about finding a financial institution that genuinely fits your life, your values, and your future. It’s time to choose a bank that fits who you are today,” Ms. Elliott added.
Because customer-owned banks are owned by their customers, they are driven by a unique purpose: to prioritise the people and communities they serve rather than external investors. This model enables them to focus solely on providing value and exceptional service to their customers.
To find a purpose-led bank that better fits who you are today, head to findabank.com.au.
For further information or to arrange interviews, please contact media@coba.asn.au.
The Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. For almost 180 years our sector has put customers first, returning profits to more than 5 million Australians who put their trust in customer-owned banks.
[1]Survey commissioned by Customer Owned Banking Association and conducted by Pureprofile of 1,004 Australians over the age of 18.