Cathy Clemow wants her town to adopt a banking model that turns the community and customers into shareholders and caretakers of residents' finances.
What's next?By the time floodwater receded from the South Australian Murraylands town of Mannum in January last year, so too had its only bank branch.
"I spoke to one business that said their prices have increased because of costs associated with extra travel.""It needs to be driven by the community, which also means we need to have the people who can run a bank," she said. The Customer Owned Banking Association's chief operating officer, Stephanie Elliott, said it was important consumer and shareholder banking models existed.Four bank branches have closed in Morwell's CBD with only one ATM left in main strip for a population of about 14,500 people."One of the elements of competition, which can be overlooked, is the importance of business model diversity," she said.
Bank Closures Regional Bank Closures Community Owned Banks Regional SA Banks Customer Owned Banking Association People First Bank Big Four Banks Banksa People's Choice Heritage Bank Peter Locke Stephanie Elliott
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