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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.