People’s Choice Credit Union today welcomed new research that has found the Banking Royal Commission has made Australians more receptive to switching their banking.
An Essential Media poll, commissioned by the Customer Owned Banking Association, found the Royal Commission has convinced one in four people to change banks or to consider switching their banking institution.
People’s Choice Chief Executive Officer Steve Laidlaw said he was not surprised at the level of interest across Australia from people looking to enjoy the benefits of banking with a credit union.
“These research findings are encouraging because credit unions like People’s Choice can offer Australians a banking model that uses 100% of profits to benefit members rather than shareholders,” Mr Laidlaw said.
“Our customers are also our members and our shareholders – there is no difference – so credit unions focus on offering the most competitive products and services while committing to sustainable long-term relationships rather than short-term profits,” he said.
The poll found:
- 8% say they have already changed their provider;
- 17% say the Royal Commission has led them to consider changing, but they haven’t yet; and
- An additional 18% are not sure if they will consider changing.
“If one in four Australians are open to switching to a true competitor, they need to look beyond the major banks to alternatives such as credit unions,” Mr Laidlaw said.
“They are going to find organisations like People’s Choice with multiple awards over successive years for trust, customer satisfaction and home loans for first homebuyers, as well as attractive products and services,” he said.
“If people want better banking, they need to own their banking,” he said.
“What we can see from the research results – and our own experience when speaking with new members – is a willingness from Australians to vote with their feet. Through the Customer Owned Banking Association’s ‘Own Your Banking’ campaign we will be keen to highlight the strengths and values of our credit union and our sector,” he said.
For more on the poll results visit ownyourbanking.com.au and join the conversation on social media use the hashtag #OwnYourBanking.
For media enquiries, please contact Russell Emmerson | Public Affairs Manager.
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