Mutuals receive multiple honours
Customer-owned banks are taking home a number of awards in recognition of the value they provide to members.
The Customer Owned Banking Association (COBA) said recent finance and banking sector awards won by customer-owned banks have reinforced the sector as a smart lending alternative for homebuyers outside the major banks.
Bank First was named Bank of the Year and Newcastle Permanent Building Society was named Building Society/Credit Union of the Year in the 2021 Royal Morgan Annual Customer Satisfaction Awards (finance category), announced on 31 May.
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Awards were issued to companies with the most positive ratings, based on respondents naming the companies they dealt with and rating their satisfaction.
Great Southern Bank was awarded Customer Owned Bank of the Year in the Canstar 2022 Bank of the Year and Customer Owned Bank of the Year Awards, which recognise the value banks provide to their customers through their product and service offering.
The bank was recognised for delivering strong value to members across home loans, savings and transaction accounts, term deposits, credit cards and personal loans, as well as customer satisfaction.
Home loans available in the Australian market were compared based on the application process, loan management, ease of making changes to loans, support, and the process and fee waivers when discharging a loan.
Customer-owned banks also took out the top spots in the Forbes 2022 World’s Best Banks list in Australia. Beyond Bank ranked first, followed by Heritage Bank, Greater Bank and Newcastle Permanent.
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COBA CEO Michael Lawrence (pictured) said the industry advocate was “immensely proud” of the sector and its members, especially during times of economic pressure.
“Mutual banks and credit unions consistently perform at the top of their class when it comes to product offerings, customer satisfaction, and community support – they know and understand their members intimately and can deliver targeted services that directly meet their needs,” Lawrence said.
Describing customer-owned banks as “part of the fabric of local communities across the country”, Lawrence said they delivered leading products and services with “a personal touch”.
“It’s easy to see why more than five million Australians are choosing member-owned banks to look after their money,” Lawrence said.
