HomeMedia & ResourcesMedia ReleasesCustomer owned banking institutions lead the way in brand authenticity as sector experiences growth

Customer owned banking institutions lead the way in brand authenticity as sector experiences growth


The Customer Owned Banking Association (COBA) is celebrating their members Heritage BankPeople’s Choice Credit Union and CUA for being among the top four banking institutions in Australia for brand authenticity, as reported by the new J.D. Power Banking Industry Insight report.  

With customer owned banking institutions continuing to lead brand authenticity, COBA CEO Michael Lawrence said that trust and customer satisfaction are fundamental pillars of the sector and have been critical to supporting customers through the COVID-19 crisis.

“COVID-19 has brought this point of difference into sharp focus. Our members continue to rank among the highest-performing banking institutions for trust and customer satisfaction,” said Mr Lawrence.

“Customer owned banking institutions have maintained a high level of customer support throughout the crisis and this report is a testament to that commitment. Even before the pandemic, our members’ customer-first culture has ensured that every experience with clients is authentic and tailored to specific needs.”

According to Australian Prudential Regulation Authority’s (APRA) ADI Statistics for the June quarter, the customer-owned banking sector now holds more than $139 billion in assets. This represents an increase of $8 billion or 6.1 percent compared to the previous quarter.

“Our members are well-capitalised and operating from a position of strength. They are working to ensure customers have the confidence to recover and grow as the economy eyes long-term recovery.”

COBA members are looking forward to discussing their ongoing role in economic recovery with Federal Members of Parliament at next week’s ‘Zoom the Hill’ – a week-long series of meetings hosted by COBA.


Media Contacts

Ashley Penny
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 431 932 950
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