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Connexus : Issue 42
in a constant struggle for market share. Alan Kirkland, CEO of consumer rights watchdog Choice, says banking competition in Australia is fghting to recover from the effects of the GFC. "One of the biggest changes driven by the GFC was the enormous shift back towards the big four banks in terms of consumers’ business,” he says. “If we really want to see a better deal for consumers, then ideally we want to see the banks having collectively a smaller share of business because that will mean more competition.” Kirkland says there is no doubt the major banks have done very well out of the impact of the GFC. “That’s carrying through into their profts now.” Chris Whitehead, CEO of CUA, says the dominance of the big four banks is "extreme", particularly as a result of consumers’ fight to the perceived safety of the majors during the crisis. “It has been a str uggle. It doesn’t mean it’s an unwinnable struggle,” he says. "As a sector, we've outgrown the market recently and CUA is outgrowing the market, but you have to worry about the sustainability of that, given their market power.” Encouraging advocacy is one of the features of the campaign, which has been rolled out by media and branding agency LOUD (see panel on page 33). "It's sharper and more public and campaign-based than what our industry has traditionally tried," says Petschler. POSITION YOUR COMPANY AS A LEADER IN THE FINANCE SECTOR Advertise with Connexus in both Print and iPad versions, to reach 3000 decision makers of credit unions, building societies and mutual banks. We have tailor made advertising solutions available, to increase your brand awareness and boost sales of your products. For more information call Sara on 02 9556 9105 Connexus ALIGN YOUR COMPANY WITH THE CREDIBILITY AND INFLUENCE OF ABACUS. Connexus for iPad is available for free on Apple iTunes. www.abacus.org.au 29