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The rediATM Prosperity Survey asked over 1500 banking customers, including QT Mutual Bank’s member base, about their overall prosperity. The study found health (22%), family wellbeing (20%) and love/partnership (16%) were the most important measures of prosperity, over a desire for home ownership (11%).

With the Australian mutuals sector growing faster than the big banks, QTMB Chief Executive Officer Mike Murphy said mutuals were the best positioned financial institutions to meet these trends and expectations of customers.

"When you become a member of a mutual bank, you’re also an owner of the bank – what better way to get accountability from an institution you trust with your money," Mr Murphy said.

"We know our members join QT Mutual Bank because our customer service treats you as an equal and as an owner, not someone we own."

The survey comes at a time when the Australian Prudential Regulatory Authority (APRA) has shown the Australian mutual banking sector has demonstrated faster growth levels than the big banks.

"The value of mutual banks is growing with the latest APRA figures showing customer-owned banking is on the increase," he said.

"The mutuals sector grew by 8.7% as at 30 September 2011, a faster rate of growth than the comparable growth rate for the major banks at 7.9%.

"We’re proud to be Queensland’s Mutual Bank, giving people a real alternative they can be part of."

The rediATM Prosperity Survey was conducted by independent researcher Galaxy Research and asked 1,525 respondents across six states a number of questions in order to understand the current nationwide view of broad personal prosperity. This measured financial as well as non-financial criterion including health, family wellbeing, love, partnership, job security, time out and relaxation.

Notice is hereby given that the Annual General Meeting of QT Mutual Bank Limited (formerly know as Queensland Teachers’ Credit Union Limited) will be held in the St Paul’s Room, QTCU Head Office, 454 St Paul’s Terrace, Fortitude Valley, Queensland on Wednesday, 2 November 2011 at 5.30pm.

For more information on reports and reviews please visit the Annual General Meeting page

1 October 2011

Queensland’s newest bank has today unveiled a brand for the future as QTMB - Queensland’s Mutual Bank, with a keen promise to deliver on what the big four banks are sorely lacking.

Formerly Queensland Teachers’ Credit Union, QTMB has plans to go head to head with the big four to show Queenslanders a real alternative in banking.

QTMB CEO Mike Murphy said the mutual bank would be giving Queenslanders what they have been crying out for - greater choice and freedom to choose the bank that best suits their needs.

“This is an opportunity for us to show Queenslanders what we are truly made of and to stand up to the big four banks who have dominated the marketplace long enough,” Mr Murphy said. 

“Today we become Queensland’s Mutual Bank and unlike the big four who exist solely for the benefit of their shareholders, our purpose will be to deliver on what Queenslanders truly need - more choice, more competitive fees and better banking products and services.”   

Following overwhelming voting support from its membership to become a mutual bank and approval by its supervisory body the Australian Prudential Regulation Authority (APRA), Queensland’s newest bank will begin trading as QT Mutual Bank Limited on 1 October 2011.

Mr Murphy said the opportunity to become a mutual bank had been stimulated by the Australian Government’s ‘fifth pillar’ reforms to develop a more competitive and sustainable banking system for Australia. 

“We considered our position in the marketplace and determined this opportunity was the next logical step to ensure QTCU remained relevant and continued to grow and improve in a continually changing financial landscape,” he said. 

Known day-to-day as QTMB, Mr Murphy said the financial institution would focus on growing its membership to strengthen its offering to Queenslanders and to make the big four work harder than ever before.

“This emerging sector of mutual banks of which we are now a part, is genuinely going to increase competition in the marketplace,” he said. 

“From our perspective the big four spend too much time generating profits for shareholders competing and they often forget what’s really important – their customers.”

Mr Murphy said unlike conventional banks, mutual banks are owned by and exist for their members. 

“We are 100% owned by members.  Our profits don’t go to shareholders, instead they are reinvested back into improved products and services for our customers,” he said.  

Louise Petschler, CEO of Abacus, the industry body for mutual banking institutions, said QTMB was part of an opportunity for mutuals to tell all consumers loud and clear what customer-owned banking truly offered. 

“This is another opportunity for mutual financial institutions to be out in the public arena, telling the story of what customer-owned banking can offer consumers. These are things everyone wants from banking, like: exceptional value, outstanding customer service, competitive rates, and innovative products,” Ms Petschler said. 

“The way we treat our customers is what sets us apart and the emergence of mutual banks is just another positive step for our industry, as we take on the competition and deliver better value to Australian consumers.

“The mutual banking sector – mutual banks, credit union and mutual building societies – offers diversity and choice in banking, banking that puts you first, and puts profits into competitive rates, products and community support.”

Mr Murphy said QTMB gave Queenslanders a real alternative when choosing a bank to help deliver on their financial dreams.

“While the banks have competing objectives QTMB has one business objective - our members, who are our owners,” Mr Murphy said.

“As an owner of a mutual bank, we promise to provide personal and exceptional customer service and products that are tailored to the financial situations of Queenslanders - not shareholders.

“Already 4.5 million Australians are customers of a mutual bank, credit union or building society and QTMB is going to build on the growing profile and promise of mutuality.  

“Unlike the big four, we don’t want to own you, instead we want you to own us, because being a mutual bank means when we do well, our members do too.”