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Customer Owned Banking continues to outperform major 4 banks

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MEDIA RELEASE

 

6th June, 2017

 

Customer owned banking continues to outperform 4 Majors

 

The customer owned banking sector is outperforming the major banks in home loan growth, underlining its status as a strong, competitive alternative to the majors.

 

Latest figures from APRA show total assets in the customer owned banking sector exceeded $106 billion in the March Quarter.

 

Housing loans from the customer owned banking sector achieved a quarterly growth rate of 3.1%, compared to the Major banks’ 1.2%. Over the last 12 months, customer owned banking has achieved housing loan growth well ahead of the major banks and regional banks.

 

“This performance is a credit to our sector,” COBA CEO Mark Degotardi said. “We encourage Australians to visit our Check Out the Competition website to learn more about the customer owned banking alternative. These results have been achieved while competing against a number of unfair advantages. They include funding cost advantages major banks receive flowing from the implicit guarantee provided by taxpayers and unfair regulatory capital settings. What today’s results show is that customers are increasingly choosing a customer owned banking alternative that puts them first.”

 

Customer owned mutual banks, credit unions and building societies:

 

o Are all Authorised Deposit-taking Institutions (ADIs), just like the big 4.

o Bring a fundamentally different model to the market, a model where customer interests always comes first.

o Have market-leading customer satisfaction ratings, highly competitive pricing and community focus.

 

“To find out more about the strong alternative offered by customer owned banking, visit checkoutthecompetition.com.au

 

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, dmcdougall@coba.asn.au

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies. See www.customerownedbanking.asn.au