Credit unions are an important competitive force in Australia’s retail finance industry.
With more than 3.5 million members spread throughout metropolitan, rural and regional areas, credit unions are now the preferred choice for nearly one in four adults.
The growth in popularity of credit unions has been steadily increasing. The nation’s 120 credit unions now have more members than three of the largest four banks. Nearly a quarter of Australia’s banking population are members of a credit union and a growing number of these people consider their credit union as their main financial institution.
As more and more Australians become disenchanted with the impersonal service and high fees and charges offered by other financial institutions, they are finding that credit unions offer a style of service that few can match. The reason for this is the unique ownership structure of credit unions. Credit unions are mutual organisations, owned by their members for their members.
At a credit union, each member is both a customer and a shareholder in the credit union. Their ownership ensures that credit unions are motivated to put their members’ needs first.
More Information
