KPMG 2024 Mutuals Industry Review webinar

As part of Indue’s Leadership Series: Cultiv8, we were pleased to host a webinar exclusively for Indue customers to present key findings from KPMG’s 2024 Mutuals Industry Review.

KPMG’s 2024 report provides commentary and insight on the mutual banking industry, based on an analysis of the financial results and key responses to our qualitative survey of Australian building societies, mutual banks and credit unions authorised by APRA (together, the Mutual sector). 

In 2024, Australian Mutuals experienced continued growth in net assets and operating profits, improving their financial health. Higher net interest margins and consistent loan growth played an important role in this success, despite a deterioration in the cost-to-income ratio for the sector.

Despite the successes, customer-owned banks need to find a way to balance their support for communities during the current cost-of-living crisis with cost reduction, service expansion, process uplift and threat protection. But, the era of AI and advanced technology is here, and can help transform strategy and operations. Dive into our report for more insights, with special focus on digital transformation, AI, cyber security, ESG and trust and regulation.