Customer-owned banks dominate personal loan market

by AB24 Nov 2015
Customer-owned banking institutions dominate the personal loan and car loan markets, a new report has found. 

The report, compiled by consumer group and comparison service Canstar, found that 37 out of 38 of the best personal and car loans are from customer owned institutions.

According to Customer Owned Banking Association (COBA) chief executive, Mark Degotardi, this report is further evidence of the value of the customer owned banking model.

“Our competitors talk about their aspirations to be better and about balancing customer and shareholder needs,” he said.

“Customer-owned banking institutions are just getting on with the business of actually being better and actually putting our customers first. Today's report shows how the customer owned model delivers five star value.

“Because our model has a singular focus on customers, our institutions offer market-leading customer satisfaction ratings, highly-competitive pricing and a strong community focus.”

The Canstar Online Database also shows that of the 195 personal credit cards subject to analysis, and excluding bonus, introductory and package rates, 19 of the 20 lowest rate personal credit cards on the market are also offered by customer-owned banking institutions.