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Royal Commission driving bank customers to new lenders

Royal Commission driving bank customers to new lenders

Australians, shocked by the stories coming out of the Banking Royal Commission, are investigating alternative options for their finances, such as mutual banks, building societies and credit unions.

According to the Customer Owned Banking Association (COBA), its member organisations have recorded a recent uptick in customer interest and enquiries following recent revelations into the scandal-prone banking sector.

COBA CEO, Michael Lawrence, said that this increased interest and “demand from customers for banking they can trust” has led directly to a new campaign encouraging Australians to “Own Your Banking”.

“4 million Australians already own their banking – they are customers of mutual banks, credit unions and building societies across Australia.”

“We hope ‘Own Your Banking’ will let consumers know there are plenty of alternatives in the Australian banking market that can be trusted to put them first.”

“There are more than 70 mutual banks, credit unions and building societies located across Australia.”

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This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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