KPMG 2023 Mutuals Industry Review
KPMG Mutuals Industry Review
As part of Indue’s Leadership Series: Cultiv8, we were pleased to host a webinar exclusively for Indue customers to present key findings from KPMG’s 2023 Mutuals Industry Review.
KPMG’s 2023 report provides commentary and insight on the mutual banking industry, based on an analysis of the financial results and key responses to our qualitative survey of Australian building societies, mutual banks and credit unions authorised by APRA (together, the Mutual sector).
The last 3 years have seen unprecedented disruption for the mutual banking industry in Australia to navigate, from the impacts of Covid in 2020 and 2021 to climate-weather events in 2022. Challenges for customer-owned banking institutions continued into 2023 with softening economic conditions, high inflation levels contributing to further interest rate increases and the cost-of-living pressure continuing to have an impact on their customers.
Economic uncertainty both globally and nationally continues to put financial pressure on local communities. Supporting these communities is a core purpose for the mutual banking sector as unlike investor-owned banks, the profit of customer-owned banks are not paid to shareholders but reinvested to meet their customers’ banking needs.
Notwithstanding this, the mutual banking sector operates within the broader banking ecosystem which provides multiple challenges for a purposeful future.
If you would like to know more about KPMG click here: KPMG Australia
KPMG Overview: KPMG Australia is a prominent professional services firm offering a comprehensive range of services, including audit, tax, and advisory solutions. The firm has a robust presence in the Australian market, known for its commitment to quality and integrity in service delivery. KPMG Australia focuses on helping businesses navigate complex challenges and seize opportunities in a rapidly evolving business landscape. With a team of experienced professionals, the firm provides insights and strategies to enhance business performance and manage risk effectively.
The firm places a strong emphasis on technology and innovation, integrating advanced data analytics and digital solutions to improve audit quality and deliver value-driven outcomes for clients. KPMG Australia is also dedicated to making a positive community impact, engaging in significant volunteering efforts and pro bono work to support various social causes. The firm strives to maintain a culture of collaboration and excellence, continually investing in its people and resources to better serve its clients.
