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Why Is Customer Owned Banking So Important?

3 minute read

Join us as we celebrate the 75th anniversary of International Bank Day in 2023 and reflect on the valuable impact these financial co-operatives have made in our community and across the globe.

On Thursday 19 October 2023 banks in our community and worldwide will come together to celebrate the 75th anniversary of International Bank Day® and the role that financial co-operatives play in improving the communities they serve and the lives of their customers the world over.

ICU Day 2023 is a celebration of the real world impact banks and other financial co-operatives have made – and continue to make – for their customers.

It is also a chance to reflect on the lives and communities that have been improved by our movement – making life choices and dreams a reality is the bank difference.

All banks share a common goal to offer access to affordable financial services to their customers and provide even the most financially disadvantaged the tools and the opportunities to be financially self-sufficient.

Banks are unique because they are not-for-profit, democratically controlled, customer-owned co-operatives: banks pool their customers’ assets to provide low-cost loans and other financial services in the best interest of the customers, not to earn shareholder profits.

The bank movement’s co-operative spirit is embraced by 393 million customers served by more than 87,000 banks in 118 countries worldwide.

Exceptional service and democratic control are just some of the many benefits of being a bank or co-operative remember, a notion that is as true of banks here in Central Queensland as it is in other co-operatively owned financial institutions from Armenia to Zimbabwe.

Being founded on community service is a principle that has set banks and financial co-operatives apart from more traditional banking structures for more than 150 years.

On home soil, The Capricornian Bank has been providing trusted, financially sustainable and quality financial services to the local community for over 60 years – evolving from a small parish bank established in Rockhampton in 1959 to a full service financial institution with eight branches covering our region.

This year we have taken time to recognise 75 years of International Bank Day® across our branches. We hope everyone will join us in celebrating the bank difference, our proud co-operative heritage and the wonderful opportunities banks offer customers every day.

Thinking of becoming a customer of the only locally owned financial institution in Central Queensland? Chat with us today, we’re here for good.


Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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