Research finds almost 90 per cent of customer owned banking customers satisfied with their institution


Almost 90 per cent of customers of customer owned banking institutions declared themselves satisfied with their institutions, according to new research from Roy Morgan.

The research from Roy Morgan follows the release of statistics from the Australian Prudential Regulation Authority (APRA) showing growth in housing loans and deposits across Australia’s credit unions, mutual banks and building societies.

APRA’s data shows that over the past 12 months the customer owned banking sector’s housing loans have increased by 7.8 per cent while the major banks grew by just 2.6 per cent. Credit unions, mutual banks and building societies now hold more than $121 billion in assets; an increase of $2 billion or 1.7 per cent compared to the last quarter.

The data also reports total deposits for the sector now sit at $103 billion; an increase of $1.7 billion or 1.7 per cent from the previous quarter.

Customer Owned Banking Association CEO Michael Lawrence said the results reflect the sector’s customer focused model.

“What’s important about this data is that once people make the move across to a customer owned banking institution, they’re happy about their decision.

“The customer is at the heart of every decision for our sector which is a key reason why we continue to score so well on customer satisfaction.

“The data from APRA shows that consumers are turning to our sector because word of our customer satisfaction scores, competitive interest rates and innovative services is spreading.

“Newcastle Permanent has managed to keep top spot on the survey results every month this year. That’s a tremendous achievement and one that showcases our sector’s commitment to putting customers first.

“I’d encourage Australians looking for an alternative banking institution to visit”

A PDF of this media release can be downloaded here.