Customer-owned banking on the rise
A new survey has found customer-owned banking is on the rise, with the sector growing its assets by 4.5 per cent in the last year.
The growth rate is higher than what the major banks have achieved (3.9 per cent on average).
These findings are featured in KPMG's 'Mutuals: 2012' survey, which noted the "enviable loyalty" from customers of credit unions, building societies and mutual banks.
Chief executive officer of Abacus Australian Mutuals Louise Petschler, who commissioned the survey, said results give a "big tick" to customer focus.
"While it's a tougher low-growth environment that places pressure on profits, the fundamentals remain strong," Petschler said.
"There is no doubt it's a tight marketplace, but the survey points out our strong capitalisation and prudent management and the high quality service that will continue to drive growth in 2013."
The survey also found more will be invested next year on mobile banking technology; deposits are up by 6.3 per cent; lending for housing had grown by 5.2 per cent, and "bad debts" were extremely low.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
