New research has found the Banking Royal Commission has made Australians more
receptive to banking alternatives and switching their banking.
An Essential Media poll, commissioned by the Customer Owned Banking Association, found
1 in 3 people are more likely to consider switching their banking institution.
The poll also found 8% say they have already changed their provider. A further 17% say
the Royal Commission has led them to consider changing, but they haven’t yet, while an
additional 18% are not sure if they will consider changing.
“These findings back up the increase in interest from Australians looking to enjoy the
benefits of customer owned banking,” COBA CEO Michael Lawrence said.
“The feedback we’re getting is that there is great interest in a model that puts customers
first, where 100% of profits are used to benefit customers.
“The poll shows people are ready to switch to an alternative where customer interests are
not in conflict with shareholder interests.
“The campaign Own Your Banking we launched this week is a response to encouraging
support we have already seen for mutual banks, credit unions and building societies. We
are particularly keen to target our campaign toward the Australians who are considering
changing and those undecided.”
Customer owned banking institutions are already seeing this trend.
As Greater Bank CEO Scott Morgan says: “Customer focus is more than just one of the
values of Greater Bank, it’s the foundation on which the Bank was established and an
important aspect customers are increasingly looking for. Recently we have enjoyed the
benefits of this focus with the Bank experiencing some of the highest levels of customer
growth we have seen in many years.”
“We are encouraged by positive consumer sentiment towards the customer owned
alternative,” COBA CEO Michael Lawrence said.
For more on the poll results visit ownyourbanking.com.au and join the conversation on
social media, use the hashtag #OwnYourBanking.