Community First Credit Union has announced that it will be rebranding as Community First Bank after a successful trademark dispute in 2021. The former credit union is now in the process of transition
Pandemic fuels rise of non-bank lenders
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By Emily Chantiri
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Web traffic at customer-owned and community focused lenders ramped up to new highs as the coronavirus pandemic rolled across the nation last year.
The banking sector saw a 10 per cent overall increase in web traffic during 2020.
The pandemic resulted in people having more time to shop around online for the best loan deals.
Credit:Dreamstime/TNS
However, just one of the big-four banks â Westpac â appeared in the top-10 fastest growing brands in the category, securing eighth spot, with its traffic increasing 28 per cent, according to a report by web traffic intelligence company SimilarWeb.
Mortgage Business
Mutuals continue to see strong growth By Sarah Buckley 09 February 2021
Customer-owned banks have continued to record high levels of mortgage growth, with the sector’s average increase in loan growth outpacing that of ADIs as a whole.
According to analysis of APRA data by the Customer Owned Banking Association (COBA), the member-owned bank saw a surge in home loan growth in the September quarter 2020.
COBA has outlined that while the authorised deposit-taking institutions (ADIs) saw mortgage growth rise by 0.57 per cent in the September quarter (on value terms), the increase was much higher when looking at customer-owned banks in isolation.