It’s a phrase you may have heard in passing, but have you ever stopped to think about what it really means?
As the name implies, customer-owned banking institutions are credit unions, building societies and mutual banks that focus squarely on their customers. In a sense, their members have ownership of the organisation, and this unique structure means that decisions are made entirely for the benefit of customers.
Hayley Collins, Chief Risk Compliance & Governance Officer of GMCU, explains. “These benefits come in the form of different priorities, such as exceptional customer service, local representation, and responsible lending conduct that is also fair and flexible. Typically, customer-owned banking institutions are also firmly dedicated to supporting their communities.”
Institutions, such as our region’s own GMCU, are members of the Customer Owned Banking Association (or “COBA”), and as such also subscribe to the Customer Owned Banking Code of Practice. Hayley says “This commitment tells our members that we are motivated to serve them, and that they can be confident they’ll be treated fairly and responsibly.
GMCU offers a range of banking solutions such as loans and savings accounts and is committed to serving the community. Speak to your local GMCU team to find out how they can help you.
