KPMG Report shows customer-owned banking scope to grow

27 November 2013

COBA today welcomed a KPMG report that shows the customer owned banking sector is in great shape, with a solid foundation for growth.

The outlook was delivered by KPMG in its annual survey released today.

COBA CEO Louise Petschler said today’s report contains some encouraging findings.

“As KPMG notes, we are well capitalised, with significant investment in mobile banking, delivering convenience and choice to our customers,” Ms Petschler said.

“As an industry we are striving to grow customer numbers and continue to deliver innovative new products backed by market leading customer service.”

KPMG today noted that customer owned banking sector had delivered:

• Deposits growth of 2.6%.
• Net asset growth of 6.3%.
• Growth in mobile banking technology.
• A strong commitment to community investment.

COBA today acknowledged the challenges and opportunities ahead, which include competing in a financial system that favours the bigger players and where the customer owned model isn’t recognised.

“We deliver banking for 20% of Australians and want to be a stronger competitive influence in the market,” Ms Petschler said.

“The upcoming Financial System Inquiry will be an opportunity to deliver a better system where regulatory fairness allows us to be an even stronger competitive alternative.”

Source: Customer Owned Banking Association, KPMG Report shows scope for growth, 26 Nov