Heritage Bank take out top honours in 2023 Money Magazine Consumer Finance Awards

7 September 2023

Heritage Bank has received top honours as Customer-Owned Institution of the Year and Bank of the Year - Customer Service in the 2023 Money Magazine Consumer Finance Awards. 

Heritage Bank was awarded Customer-Owned Institution of the Year for having the highest overall composite ratings scores across product and features, customer service and digital experience. Only full-service customer-owned banks are eligible to win this premier award.

Heritage was also awarded Bank of the Year - Customer Service as the banking provider that achieved the highest overall ratings scores for customer service.

Money magazine's annual Consumer Finance Awards empower Australians to make smart financial choices. It recognises the successes of financial institutions in providing customers with top value and service by comparing results across a number of key categories.

Receiving these awards highlights the benefit of banking with mutual financial institutions like Heritage and People’s Choice, as a genuine alternative to shareholder banks.

Heritage and People’s Choice CEO Peter Lock said,” Deep in their foundations, Australian banks are divided into two models – one that is absolutely focused on its customers and one that isn’t.”

“There are those that exist wholly and solely to maximise profit – they’re the ones listed on the stock exchange. These listed banks simply can’t put their customers first because that place has already been taken by shareholders.

“On the other hand, a number of financial institutions are 100% owned by their customers, and make them their absolute focus.”

Today, more than five million Australians – about one in five of us – choose to bank with a customer-owned bank.  Find out more about the customer owned difference.