With the Big Four Australian banks lurching from one scandal to another, it's of little surprise that trust in them has plummeted over the past few years. Indeed, a poll carried out by Essential Research revealed that some 60 per cent of Aussies simply don't trust financial advice from the Big Four through fear of hoodwinking, while a huge 86 per cent of us would love a little more transparency on rates and other fees.
Just 30 per cent of Aussies view bank management as an ethical and honest profession.
Additionally, Roy Morgan Research's annual Image of Professions Survey revealed that just 30 per cent of Aussies view bank management as an ethical and honest profession, largely due to the fact that they rarely do anything to change our minds otherwise. With this in mind, why not say a resounding 'NO!' to the Big Four and turn to customer-owned banking? You can learn a little bit more about what customer-owned banking is all about by watching our fun, informative video, but here are three quick reasons why you should seriously consider switching.
We're very well-regulated
Customer-owned banks, like CAPE, are regulated in precisely the same manner as publicly-listed banks. This is because we're what's known as an 'Authorised Deposit-taking Institution', which are regulated and must obey the stringent standards set by both the Banking Act and the Australian Prudential Regulation Authority (APRA). Simply put, the same rules apply to us, too, so you needn't worry about the safety of your money.
You're part of us
Can you imagine walking into one of the Big Four banks as though you own the place? Not likely, but by joining CAPE, you become a joint owner in our happy organisation. it sounds deceptively simple, but because our customers are also our owners, we always put them first. Additionally, we're not pressured by greedy shareholders to deliver huge returns to line their pockets – everything we get filters back down to our customers.
Reap the benefits
The big banks like telling us that great customer service is a key part of their core values, but that doesn't mean that they always follow through on their promises. At a customer-owned bank like CAPE, we enjoy tremendous customer satisfaction, rated at 88.4 per cent boy Roy Morgan Research. Compare that to just 81.2 per cent for the Big Four, and it's obvious where you'll be happier. Our rates are more competitive, our fees fairer, and our lending more responsible, so when you join us, you'll never look back!
