What’s happening?
Customer-owned banks, including Rockhampton-based The Capricornian, have been ranked as Australia’s most trusted banking sector. Roy Morgan released the latest Bank Trust and Distrust Scores Report on Monday, 26 May 2025, reaffirming the sector’s reputation for putting people before profits.
Why it matters?
The ranking comes amid rising public dissatisfaction with larger banks. Unlike listed financial institutions, customer-owned banks exist to serve members, not shareholders. This difference is critical at a time when 3.2 million Australians now express distrust toward the broader banking sector.
Michael Lawrence, CEO of the Customer Owned Banking Association (COBA), said,
“Customer-owned banks are built differently. We’re owned by our customers, which means our purpose is to create long-term value for them and their communities. Unlike listed banks, financial performance is not our purpose – it enables our purpose.”
Local Impact
The Capricornian, with its Rockhampton roots and community-first ethos, is part of a sector that scored well above Australia’s biggest banks. Its ongoing investment in local services and products directly supports the Rockhampton region.
Lawrence added:
“Trust is something that is earned, and customer-owned banks’ people-first approach translates to competitive rates, innovative products, superior services, and a strong commitment to local communities.”
By the Numbers:
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🔹 3.2 million Australians now distrust the banking sector (14.2% of people aged 14 and over).
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🔹 Customer-owned banks ranked 7th out of 27 industries for Net Trust.
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🔹 The overall banking sector dropped to 24th, with a Net Distrust Score of -3.97.
Zoom In
Australians associate customer-owned banks with words like ‘reliable’, ‘honest’, and ‘good service’. In contrast, the broader sector is described using terms like ‘greedy’, ‘profit-driven’, and ‘unethical’.
Zoom Out
Mutual banks, credit unions, and building societies serve over 5.4 million Australians. The sector has been offering purpose-led banking for nearly 180 years.
What to Look For Next?
To explore customer-owned banks that reflect your values, visit findabank.com.au.
