Bulletin 45 – New name in banking launched: Customer Owned Banking Association (COBA)

A new name in banking launched 1 July 2013 that will challenge the dominance of the major banks across the country.

The new Customer Owned Banking Association brand replaces Abacus Australian Mutuals as the industry advocate for Australia’s customer owned banking sector.

The COBA brand is backed by a united industry push to deliver change for everyday Australians wanting better value banking services.

COBA CEO Louise Petschler says the new brand signals a renewed energy and new era for Australia’s customer owned banking institutions.

“There’s genuine excitement about taking the new brand to the people as a powerful symbol to show the better value and service Australians can enjoy by experiencing customer owned banking,” Ms Petschler said.

“This is more than just a name change. If you see the customer owned banking association brand you can be confident it carries the tick of approval for organisations that put customers first and advocate strongly for a better and more balanced approach to banking.”

The renewed focus from today will be on educating and informing Australians about the clear choice and benefits of customer owned banking, where profits are returned to customers through better value products and service.

“The new name speaks directly to consumers and reflects an overwhelming desire to become a more activist advocate,” Ms Petschler added.

“The Customer Owned Banking Association will push for a fairer operating system that offers more banking competition for everyday Australians in order for us to lay down a more robust challenge to big bank dominance.”

The Customer Owned Banking Association represents more than 100 institutions across Australia and around 4.5 million Australians who are customers of a credit union, building society or mutual bank.

A short video explaining the customer owned banking approach can be viewed here www.customerownedbanking.asn.au

 

 

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