Customer Owned Banking Association (COBA) members have taken out top spots in recent finance and banking awards, reinforcing the sector as a smart alternative for Australians looking for options outside the major banks.
Bank First was named Bank of the Year and Newcastle Permanent Building Society won Building Society/Credit Union of the Year in the most recent Roy Morgan Annual Customer Satisfaction Awards announced this week.
COBA members have a strong history with Roy Morgan’s Bank of the Year award, with Beyond Bank, Bank Australia, Heritage Bank, Greater Bank and Teachers Mutual also taking out the top honour in recent years.
In a separate award, Great Southern Bank was named as Canstar’s Customer Owned Bank of the Year, recognised for delivering strong value for members across home loans, savings and transaction accounts, term deposits, credit cards and personal loans as well as customer satisfaction.
This builds on strong independent recognition of customer-owned banking excellence with Forbes recently naming COBA members in the top four banks for Australia. Its list of World Best Banks featured Beyond Bank leading the pack, followed by Heritage Bank, Greater Bank, and Newcastle Permanent Building Society.
"We’re immensely proud of the sector and our members especially during times of economic pressure like we’ve seen over the past 18 months," said COBA CEO, Michael Lawrence.
"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."
"Customer-owned banks are part of the fabric of local communities across the country, delivering 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."