The Business Council of Co-operatives and Mutuals (BCCM) has urged Australian consumers to proactively take matters into their own hands on the issue of banks profits and culture.
Launching a playful social media campaign “#switchnotbitch”, the Council aims to prod consumers to shop around for alternative trustworthy banking choices.
“What we often don’t hear is the idea that Australians can take matters into their own hands and switch to an ethical provider, like a customer owned bank, with lower credit card fees and a highly competitive mortgage rate”, said BCCM CEO, Melina Morisson.
Ms Morrison agreed with recommendations emerging from the current bank inquiry to increase banking competition, such as the account portability recommendations, but added that these kinds of reforms would not be enough in themselves to combat customer inertia.
“The Australian mutual institutions collectively make up a $98.7 billion sector that represents the “fifth pillar” of banking in Australia – the fifth largest holder of household savings deposits in Australia. With more than 4 million members already, this sector sees growth of 6.6% per year,” Morrison said.
Ms Morrison describes the #switchnotbitch social media campaign as a cheeky, fun poke at consumer apathy to move Australians to actively choosing who they do business.
“#switchnotbitch campaign aims to move beyond the ‘he said, she said’ debate about bank profits and culture and encourage all of us to make an intelligent choice about the institutions with which we choose to do business”, concluded Ms Morrison.
The BCCM represents the co-operative, mutual and member owned business sector which has an aggregate 15 million Australian member owners.