The survey provides a detailed financial analysis into the Mutuals industry based on analysis of nine building societies, 10 mutual banks and 49 of the largest credit unions authorised by APRA. In addition we surveyed the industry to gain their perspectives on social media, mobile technology, regulation and risk management.
- The sector continues to investment in mobile banking with 79 percent expect to spend more on mobile technology in 2014.
- Mobile apps are on the increase with 124 percent more mobile apps than last year.
- Modernising branches is a focus with 30 percent considering stabilising or increasing branches next year.
- The sector saw a 1.3 percent decrease in operating profit after tax with membership falling by 1.3 percent and branches reduced by 3.6 percent.
- Capital levels remain high with an average capital adequacy ratio of 17.9 percent.
- Deposits and net assets grew by 4.2 percent and 6.3 percent respectively.