How is Customer Owned Banking Different?

11 October, 2018

Customer owned banking is designed to offer customers a credible and viable alternative to the banks, and access to a range of savings, investment, loan and insurance products.

 Credit Unions offer competitive products to those of the banks, with a service that is focused on you - not dividends to shareholders. 

In the wake of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, an Essential Media poll of 1000 people found almost half of all Australians have less trust in the big banks.

Meanwhile, trust in customer owned banking institutions is on the rise.

So what is the key difference?

Well, unlike banks, profits are not paid to external shareholders, but put back into the products and services offered to the customers and their local communities.

We are a member of the Customer Owned Banking Association, which is the industry advocate for Australia’s customer owned banking sector. 

COBA provides representation and advocacy for its members to federal and state governments, regulators, such as APRA and ASIC and industry and consumer groups.

It also provides member institutions with expert advisory and support services, such as fraud & financial crimes and research.

What does this mean for our service?

Because customer interests are not in conflict with shareholder interests, our business is completely customer-centric. We design products for the people who live and work in our communities.

We work hard to ensure our services cater to everyone’s needs. An example of this is our Mobile Relationship Officer Tony, who will travel anywhere in the Central West, to meet with you. Because we know sometimes getting into a branch is tricky. 

It also means we are a values-driven organisations, with our history and our future success embedded in our local communities. We sponsor and are involved in many events around the region, from things like the Parkes Elvis Festival, through to sponsorship of schools and sports awards. 

How do I find out more?

If you want to learn more about how working with a customer owned institution and how you could benefit, contact us today.

You can call us on 1300 36 76 56, or stop into any of our offices, located in Parkes, Forbes, Cowra, Condobolin, Grenfell and Peak Hill. 

Want to know more?

Contact us today to learn more about customer owned banking and how it can help you.