Rise in trust for customer owned banking

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Because of Royal Commission

South West Credit Union has welcomed new research that supports a movement towards credible, strong and viable alternatives to the major banks, such as customer owned banking institutions.

An Essential Media poll has found almost half of all Australians have less trust in the big banks because of the Royal Commission into banking.

At the same time, trust in customer owned banking institutions is on the rise.

The poll found that because of the Royal Commission into banking:

  • 47% have less trust in big 4 banks
  • 18% have more trust in Credit Unions
  • 17% have more trust in Mutual Banks
  • 15% have more trust in Building Societies\

South West Credit Union CEO, David Brown said the findings aren’t a surprise.

“We are not surprised to see trust in customer owned institutions like South West Credit Union on the rise in response to the stories coming out of the Royal Commission,” Mr Brown said.

“We are seeing in our local community that people want a banking institution they can trust to put them first. We have had a surge of new customers moving their banking to South West Credit Union in recent weeks. People have simply had enough.”

“Because of our customer owned model, we are solely customer focused because 100% of profits are used to benefit customers.”

“We support the Own Your Banking campaign launched by COBA and hope to see a continued switch towards South West Credit Union as a trusted alternative.”

For more on the poll results visit ownyourbanking.com.au and join the conversation on social media, use the hashtag #OwnYourBanking.

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