Our 37th KPMG Mutuals Industry Review shines a spotlight on how technology can drive a prosperous future for the mutual banking sector. We explore key industry metrics, strategic insights, and the digital transformation agenda, emphasising how artificial intelligence (‘AI’) and strong data quality can pave the way for sustainable growth.
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.
Read More: Mutuals Industry Review 2024 | Banking
