FILE PHOTO: Peter Lock
FILE PHOTO: Peter Lock Bev Lacey

'Trust in customer-owned banking on the rise'

HERITAGE Bank has welcomed new research showing the banking Royal Commission has increased trust in customer-owned banking institutions.

Heritage Bank CEO Peter Lock said customer-owned banks such as Heritage offered credible, strong and viable alternatives to the major banks, and more people were now starting to take notice of them.

An Essential Media poll commissioned by the Customer Owned Banking Association has found almost half of all Australians have less trust in the big banks because of the Royal Commission into banking.

At the same time, trust in customer-owned banking institutions is on the rise.

The poll found that because of the Royal Commission into banking, 47% of people have less trust in big four banks, 18% have more trust in credit unions, 17% have more trust in customer-owned banks, 15% have more trust in building societies.

Mr Lock said the findings weren't a surprise.

"We are not surprised to see trust in customer-owned institutions like Heritage Bank on the rise in response to the stories coming out of the Royal Commission," Mr Lock said.

"Because of our customer-owned model, we are solely customer focused - 100% of our profits are used to benefit customers."