New report backs “compelling and strong alternative” of mutual banks

29 November 2017

Public Accountant

The mutual banking landscape is set to “reshape the competitive landscape” after posting strong results despite a challenging environment in the past year, according to a new report.

KPMG’s Mutual Industry Review 2017 found strong growth of Australia’s credit unions, building societies and mutual banks, despite a challenging environment characterised by low interest rates, increased competition, fluctuating property prices and technology disruption…

Chief executive of the Business Council of Co-operatives and Mutuals, Melina Morrison, welcomed the KPMG report.

“The report shows consumers already consider mutual banks a strong alternative to the big banks. They are in an excellent position to take advantage of the levelled playing field when the Hammond reforms are made,” she said.

“Mutual banks have a natural trust advantage for consumers looking for an alternative to the shareholder owned big banks.

“At the same time, the mutual banks are investing in new technologies. This is an area in which mutual banks have always been innovators – it’s a little-known fact that the first ATM was made available to the public by a mutual bank. Their ongoing focus is to serve their customer-owners better.”

Read the full article, New report backs “compelling and strong alternative” of mutual banks, Public Accountant, 28 November 2017