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IMPACTS
The 2024 Customer Owned Banking Association (COBA) Impact Report was released in Albury this month, with our CEO, Stephen Capello proudly in attendance.
The Impact Report highlighted what customers of Hume Bank already-know – that we put customers and communities first, always.
“We weren’t surprised when the report stated that customer-owned banks, like Hume Bank, are contributing nearly nine times more to local communities than the big four.” – Stephen Capello, CEO Hume Bank said.
The report stated that, mutual banks and credit unions on average dedicated 5.2% of all profits back into communities in FY2023, compared to only 0.6% contributed by the big four. This 5.2% amounts to $38.4 million dollars, which is considerable given mutual banks, like Hume Bank hold only 8% of household deposits and 2.9% of the total market share.
The 2024 COBA Impact Report, authored by economist Nicki Hutley, also highlighted that customer-owned banks offer average variable home loan rates that are 0.4 percentage points lower than those of major banks. You can see this in action with Hume Bank’s locals-only liteBlue variable home loan discount.
“Customer-owned banks are vital for a competitive financial system, providing Australians with a genuine alternative to shareholder-driven banks.” – Nicki Hutley, COBA Impact Report author.
Additionally, the report found that customer-owned banks consistently rank higher in customer satisfaction, maintaining superior ratings compared to major banks for over two decades.
Employing over 11,500 full-time staff, many in regional areas, customer-owned banks play an essential role in local economies. Notably, the average employee tenure of 7.5 years is more than double the national average for this sector.
At Hume Bank, we are proudly 100% customer-owned and reports like these reinforce the everyday impact we have. Whether it’s a community grant, a great home loan rate or a friendly smile in-branch, we’re all-in for our customers and our communities, always.