Abacus Australian Mutuals – the industry body for credit unions, mutual banks, and mutual building societies – has launched a new campaign which lobbies the government to stop sidelining small banks in favour of the big four.
Created by Loud, the 'Balance banking' campaign is designed to change the face of banking in Australia, taking a swipe at government regulation which preferences big banks.
“This campaign will lobby for change to address that imbalance by creating a national debate aimed at driving an independent review of Australia’s banking system,” Abacus said.
According to Abacus’ recent research, since the GFC the big four banks enjoy many advantages. The latest report shows Australians are particularly concerned about the increasing concentration of ownership by the big four, the lack of competition, and excessive profits, resulting in two out of three wanting an independent inquiry.
The organisation asserts that almost 80% believe the big banks make excessive profits, 65% say there is not enough competition in the Australian banking system and 71% agree the big four banks have an unfair advantage in the mortgage market.
Loud’s campaign uses outdoor, print, SEO, SEM and member engagement strategies, and public relations that all lead to an online portal.
The site will become the activation centre where Australians can voice their concerns, share their stories and participate in the campaign online.
A social media campaign encourages Australians to take to Twitter and Facebook, sign up for regular newsletters, vote on website polls and make comments about their banking experiences.
Mark Degotardi, head of public affairs at Abacus said: “The current system needs to change to give Australians a real and viable choice in their banking. This campaign will galvanize customers and our members on this vital issue.”
The campaign is scheduled to run up until the election in September. To read more about the campaign visit www.balancebanking.com.au