CUA launches “Life rich banking”

CUA launches “Life rich banking”

CUA, Australia's largest customer-owned financial institution, has repositioned itself to better accommodate their existing ethos and to address customer concerns surfacing from new banking research.

B&T Magazine
Posted by B&T Magazine

The “Life rich banking’ position will draw attention to their better-value products, like home and personal loan packages, which rate consistently better than the big four banks.

"One of CUA’s key differentiators is the ability to take the money that otherwise would be paid as dividends to shareholders, and use it instead to offer better rates and lower fees,” Chris Whitehead, CUA’s executive officer, said.

New research says Australian are worried about meeting loan repayments and also the increasing sacrifices which they need to make to pay off a home, and according to Whitehead, CBU is looking to accommodate this anxiety.

“Almost nine out of ten people with a home loan said they are making sacrifices to meet their repayments, with almost half this number making big sacrifices such as forgoing holidays, clothes, new cars and entertainment.”

 

The changing landscape in personal banking seems to have prompted the coinciding repositioning of Bendigo Bank, who will also hone in on home loans, credit cards and business products.