Bank Australia named Money magazine’s Customer-Owned Bank of the Year and Digital Bank of the Year

The recognition reflects two things we work hard to deliver for our customers: banking that puts customers first, and digital banking that’s simple, secure and easy to use.

For people comparing banks, rates and fees matter.  

So does the experience of managing your money day to day.  

And increasingly, people want to understand what their bank stands for, how it makes decisions and where their money goes.

These awards recognise our focus on giving customers a strong banking experience while staying true to our customer-owned model.

What customer owned means

Bank Australia is customer owned, which means we don’t answer to external investors.

As a 100% customer owned bank, we work with our customers to use their money as a force for good, so they can make a positive impact.

When someone joins Bank Australia, they become a part-owner. Customers each hold one equal share and have one vote at our Annual General Meeting.

We’re also not listed on the stock exchange. This means we can balance profit and purpose and make decisions with our customers and our impact in mind.

As Bank Australia Managing Director Damien Walsh says, the customer-owned banking model matters because “it puts customers at the centre of the decisions we make.”

“We exist to serve our customers rather than external investors, which means we’re able to focus on meeting their needs and creating positive impact on their behalf.

“We don’t prioritise profit for its own sake.”

For customers, this means choosing a bank is about more than asking, “what rate am I getting?” It can also be about asking, “what kind of bank do I want to bank with?”

How our customers help shape our impact

Being customer owned also shapes the issues we act on.

Our customers have a say in the impact areas they want us to focus on. This helps guide the projects we support through our impact fund.

“A key aspect of the customer-owned model is that our customers have a say in the issues they want the bank to act upon,” Damien says.

“This guides the projects we support through our impact fund, which supports initiatives that create positive outcomes for people and the planet, and we commit up to 4% of our annual after-tax profits to it.”

Through the impact fund, we support projects across areas including climate action, nature and biodiversity, First Nations Recognition and Respect, and affordable and accessible housing.

It’s one way our customer-owned model helps us focus on outcomes our customers care about, beyond profit.

Digital banking that supports everyday life

For most people, day-to-day banking is now digital.

Customers use digital banking to check balances, move money, open accounts, apply for loans and get support when they need it. That experience needs to be simple, secure and reliable.

Damien says the majority of our customers use our digital channels as the main way to manage their banking, supported by our mobile app, internet banking and digital customer service options.

“We’re actively focused on improving and upgrading the digital experience for our customers,” he says.

“This includes ongoing improvements to our mobile app and online banking experience, enhanced security features and digital tools.”

This work also includes improving parts of the lending experience. We’ve digitised the lending onboarding journey end to end, helping more customers apply for and access a home loan.

“We’re committed to supporting our customers in the way they choose to bank with us,” Damien says.

Banking that supports different life stages

Our customers need bank accounts, loans and support that fit different stages of life.

• That includes options like Parental Pause, which allows eligible home loan customers to pause repayments for up to three months when welcoming a new child.

• It also includes Eco Pause, which allows eligible home loan customers to pause repayments for a period while making eligible sustainable upgrades to their home.

• For customers building, buying or renovating energy-efficient homes, our Clean Energy Home Loan offers eligible borrowers a reduced rate for homes that meet certain energy-efficiency criteria.  

• Our EV Loan offers eligible customers a competitive rate to buy an eligible electric vehicle.

These are examples of how we design banking around practical customer needs, from buying a home to making lower-emissions upgrades or managing major life changes.

A proud moment for our customer-owned bank

Being named Money magazine’s Customer-Owned Bank of the Year and Money magazine’s Digital Bank of the Year is a proud moment for Bank Australia.

It recognises the work we’re doing to deliver useful, accessible digital banking while staying focused on the people we exist to serve: our customers.

“As we look to the future, Bank Australia is committed to creating impactful, accessible and meaningful digital experiences for current and future customers,” Damien says.

Explore our bank accounts, loans and credit cards.

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