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People Power: The Changing Face of Customer-Owned Lenders

People power: The changing face of customer-owned lenders
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The mutuals have undergone a huge amount of change in the past year, with lenders merging, new tech being released, and brokers highly rating their experiences with them.
In December 2020, as Australia was closing off one of the most disruptive years on record, the Customer Owned Banking Association was holding its annual conference. It was here when the deputy chair of the Australian Prudential Regulation Authority (APRA), John Lonsdale, warned that change may need to come in the mutual bank space in order for the sector to survive.
Noting that the coronavirus pandemic had resulted in a (somewhat short-lived) economic downturn and increased the need for lenders to have a digital offering, Mr Lonsdale suggested that a large number of the small banks – and not only mutuals – have business models that were “challenged” in the current environment. ....

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Mutual banks continue growth after a difficult year

Mortgage Business
Mutual banks continue growth after a difficult year
By Tony Zhang
29 December 2020
Australia’s mutual banks, building societies and credit unions recorded another year of growth in a challenging year with bushfires, floods and the COVID-19 pandemic, along with continued competitive pressures in a low interest rate environment.
KPMG Australia’s
Mutuals Industry Review 2020 revealed that mutuals’ balance sheets (net assets) grew 4.6 per cent (2019: 6.4 per cent) to $9.8 billion, while overall operating profit before tax fell by 19.1 per cent (2019: fell 3.6 per cent) to $494.3 million (2019: $611.0 million).
The report is based on the financial results of 47 mutuals (representing over 97 per cent of the sector by total assets and profit before ta ....

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