New research has revealed that nearly 90% of those who bank at customer owned institutions are satisfied with the experience.
“The customer is at the heart of every decision for our sector which is a key reason why we continue to score so well on customer satisfaction,” said Michael Lawrence, Customer Owned Banking Association CEO.
The research from Roy Morgan is underscored by the most recent statistics from APRA which chart the growth in housing loans and deposits across Australia’s credit unions, mutual banks and building societies.
Over the past 12 months, the sector’s housing loans have increased by 7.8% while the major banks grew by 2.6%.
Customer owned banking institutions hold more than $121bn in assets, an increase of $2bn or 1.7% compared to the last quarter.
“What’s important about this data is that once people make the move across to a customer owned banking institution, they’re happy about their decision,” Lawrence said.
“The data from APRA shows that consumers are turning to our sector because word of our customer satisfaction scores, competitive interest rates and innovative services is spreading.
“Newcastle Permanent has managed to keep top spot on the survey results every month this year. That’s a tremendous achievement and one that showcases our sector’s commitment to putting customers first.