KPMG 2023 Mutuals Industry Review webinar

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.