Thursday, December 15, 2011
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.