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Forbes World’s Best Banks 2021: Customer owned banking institutions continue their domination of Australian rankings

April 20, 2021 Financial No Comments

Customer Owned Banking Association CEO Michael Lawrence congratulated the members on an outcome which sees the customer owned banking sector dominate Australian rankings for a second year running.“The customer owned model is a compelling point of difference in banking,” said Mr Lawrence.

“Instead of paying shareholders, our members reinvest profits back into benefits for customers through lower fees, better interest rates and time-saving innovation.

“These businesses are employers of choice, attracting people who are naturally motivated to support customers, grow relationships, deliver more tailored services, and create a better customer experience.

“COVID-19 has also challenged consumers to rethink their priorities and seek organisations that can be trusted to do the right thing by them – not just when it’s convenient, but in a consistent approach.”

Roy Morgan’s recently published 2021 Risk Report saw customer owned institutions represent almost half of the banking brands in the Trusted Brands index. Verbatim comments from surveyed respondents included “I have been treated fairly and they have supported me when I require financial assistance,” and “they reward their customers and help out in tough times”.

“This is an exciting time for customer owned banking as it supports Australians and economic recovery in general,” said Mr Lawrence. “The sector has grown to serve four-and-a-half million customers and manage $144 billion in assets.”

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