Big banks challenged as customers find a mutual loyalty

13 December 2017

Stock Journal

While the year’s fervent debate about banking industry behavior has left many Australians doubting the conduct and claims of our finance sector kingpins, one corner of the market, at least, has customer loyalty apparently blossoming.

Latest data from the Australian Prudential Regulation Authority shows mutual banks, credit unions and building societies have good reason boast supportive growth from their customers –  who, incidentally, own the institutions they bank with.

Customer-owned banks have grown their asset base by $2 billion in the past three months to more than $110b.

A decade ago the not-for-profit “underdog” mutual banking sector was only about half that size.

Read the full story, Big banks challenged as customers find a mutual loyalty, 13 December 2017, Stock Journal