COBA today said Australians looking for banking that focuses on them as people should look no further than Customer Owned Banking.
You might like to watch my recent discussions at their forum in Sydney.
Commenting on the Greens calling for a bank owned by the Government and RBA run, COBA CEO Michael Lawrence said:
“If Australians want banking that’s truly focused on people, that model has been operating in Australia for more than 70 years.
“More than 70 customer-owned banks, credit unions and building societies across Australia put their customers as their number one priority.
“The customer owned banking sector is profitable, has more than $111 billion in assets and a strong presence across Australia.
“We’re focused on delivering for the 4 million Australians and local communities we already serve and expanding beyond that.
“Customer owned banking has featured in the considerations of the Productivity Commission (PC) and a range of pro-competition announcements by the Federal Government.
“It’s positive that there are ideas to make the banking market more competitive.
“The current PC Inquiry into competition in financial services is an important investigation into the steps that need to be taken to spark better outcomes for consumers.
“Our submission in response to the PC Draft Report outlines some of the steps COBA would like to see taken.
“We look forward to seeing the detail of the Greens’ proposal and consulting our members about the proposal.”
