here&now

Exciting milestone on the horizon

In just a few short days we will hit the largest milestone in our merger to date – the integration of our computer systems. For our members, this means we are truly operating as a one credit union, with a single branch network, call centre, website and Internet Banking system.

Of course, there is one piece still required to complete the picture – our new name. The Board is currently finalising a name to be put forward to members for a vote, and we’ll provide more information on this process in the very near future.

Until this happens, we’ve implemented an interim brand consisting of both heritage logos which is a temporary solution to signify that we are operating as one credit union.

There will be some interruptions to our services (link to service interruptions page) as we complete the integration of our computer systems on the weekend of 12-13 March 2011. It’s important you take note of these interruptions and arrange any transactions around these outages.

I’m pleased to say that you’ll find a fresh-look blog on our new website, which will provide you with the opportunity to talk to me and some of our knowledgeable staff members about almost any subject related to our credit union.

I would like to thank you all for your support and patience to date in what has been a very satisfying journey as we strive to create a member-owned alternative to the major banks.

Peter

Have a vote - it's your credit union

By now you will no doubt be aware of the new name we have proposed for our credit union – People’s Credit Union.

I’m sure many of you will have all formed an opinion on the name. Hopefully you are as positive about it as I am.

I have to admit, on hearing the name, I wasn’t 100% sold. I liked it, but it didn’t have the initial impact I was expecting.

But then I thought more deeply about it. To put it simply, there is no other name that describes who we are so completely. I think it’s an excellent name to describe who we are and what we do.

At the heart of this credit union are its people – members, staff and the community.

These people – you – are why we exist. We’re not here to make big profits, we’re here to provide people with a fairer type of banking.

As you can see there’s one word which keeps coming through and that word is ‘people’.

I’d like to say selecting the name was as simple process, but there was a lot of thought behind it. It was shaped through six months of exhaustive research. The first step was identifying what we wanted the name to be. It had to:

• Be distinctive
• Be easy to say and spell
• Be appropriate for a financial institution
• Be motivating and exciting
• Tell a strong story
  
  

At the beginning of the process, we had hundreds of potential names on the list. Over a number of months and through some very thorough processes, we reduced that list down to six. Those names were researched extensively through focus groups and surveys involving member and non-members.

One clear favourite that emerged. That name was People’s Credit Union. Through the research, the themes that continually emerged about the name were:

• It is inclusive and community minded
• It’s easy to understand
• It makes sense for a credit union’s name
• It’s friendly, egalitarian and trustworthy
  
  

It would have been great if we could have asked every one of our members for an opinion on the name. But with about 350,000 members, it just wasn’t possible so we used comprehensive research to provide a snapshot of our members’ views.

The new name will clearly position us in the market and provide us with the opportunity to become the credit union of choice for people around Australia. The name “People’s” is not exclusive or limited to a certain group, it is for all people.

As you know, we’re now asking our members to approve the new name at our Annual General Meeting on 28 October 2010. I understand there are differing views on the name, however, I can assure you that we’ve selected a name which truly reflects the vision and values of our new credit union, and positions us well to take advantage of future opportunities.

We have a clear opportunity to create a financial institution owned by people, and run to benefit people. I hope that you share this vision and help us create an exciting new future.

Peter Evers

Unseen milestone in merger

We notched up another success in our merger process over the weekend, upgrading the banking platform used by Australian Central to one of the most advanced in the country.

 

While it goes unseen to members, the banking platform is a big part of our operations – it determines what products and services we’re able to offer and is the link between members and their accounts.

 

Savings & Loans and Australian Central currently use different systems and a major step in making the merger a success is bringing these two ‘back ends’ together.

 

We’ve divided the changeover into two components: upgrading the system used by our Australian Central division, which took place on the weekend; and converting the platform used by Savings & Loans, which is a much larger project and will happen later this year.

 

The best news to come from the weekend is that the upgrade happened with very few members noticing any changes. There were a few minor disruptions but scheduling the upgrade for a weekend meant any impact on members was low.

 

Once the integration of the two divisions is complete, we’ll be able to take full advantage of the new technology to improve access for our members and the products we offer.

 

We’ve already introduced some great benefits for members as a result of the merger, including reducing fees and enhancing products (PDF), and the upgrade to our banking systems will open up even more improvements.

 

A lot of the work we’ve been doing since December 2009 will become apparent over the next few months as we announce the products our new credit union will offer and proposed new name, which members will vote on at our Annual General Meeting. We’ve had a lot of discussions with members about both of these important aspects of the merger, and can’t wait to share them with you.

 

Make sure you keep an eye on the Savings & Loans and Australian Central websites for new announcements about the merger.

 

Peter Evers

Blog post – Community Lottery delivers for non-profits

As credit unions, both Savings & Loans and Australian Central have a long history of community support. We both contribute to the Credit Union Christmas Pageant, one of the nation’s greatest family events, and support local sporting teams, community groups and charities.

We don’t see these activities as donations or expenses, but as investments in our community; investments that pay dividends through creating a more vibrant, happy and healthy society.

One of Australian Central’s major community investments is the Australian Central Community Lottery, a unique program that will deliver up to $1.4 million to a range of charities, not-for-profit groups and sporting clubs in 2010.

The Australian Central Community Lottery provides groups with a chance to be part of a lottery with over $280,000 in prizes – well beyond the capabilities of most community organisations. Australian Central and our business and media partners supply all of the prizes for the Community Lottery, as well as the tickets, promotional material and opportunities to sell the tickets in prominent locations.

Tickets for the Community Lottery are $2 each, with the charities and clubs keeping 100% of the proceeds of ticket sales. We’ve distributed 700,000 tickets to hundreds of groups, ranging from regional social clubs to The Smith Family, one of Australia’s largest charities and Savings & Loans’ major charity partner.

So why do we support the Australian Central Community Lottery?

Well, we know that our community wouldn’t be as strong or vibrant as it is without the thousands of sports teams, community groups, charities and social clubs right across the country. They provide support to those who need it, keep us fit and healthy and care for the vulnerable.

We also know that while these groups need money to continue doing their great work, it’s difficult to continually ask their volunteers to fund them. Through the Australian Central Community Lottery we give volunteers the chance to raise money for their club without dipping into their own pocket.

The Australian Central Community Lottery was expanded this year to include a special allocation of tickets to groups and clubs associated with Savings & Loans. And we’re looking into expanding the Community Lottery outside of South Australia and the Northern Territory to help even more community groups raise much-needed funds.

Time’s running out to buy tickets for this year’s Australian Central Community Lottery, with sales finishing at the end of June. To find a participating group in your region and buy last minute tickets, visit the Australian Central website.
 
Peter Evers

New campaign to boost our profile

Savings & Loans and Australian Central have joined with credit unions and mutual building societies from around Australia in a new campaign encouraging people to switch from banks.

The campaign, which starts with TV, online and press advertisements this week, focuses on the core idea of credit unions – that everything we do comes back to our members.

More than 4.5 million Australians bank with credit unions and building societies, who focus on giving back to our members and the community rather than boosting profits for shareholders.

Just a couple of weeks ago new research came out showing that Australians are increasingly unhappy with the big banks, and we’re hoping that this new campaign will boost the profile of credit unions and building societies in the wider community.

More than 80 credit unions and building societies have joined forces to promote this campaign, which is organised by our industry body Abacus – Australian Mutuals.

While we’re all separate organisations, we all believe in the importance of putting our members and the community first and are working together to show people that there are plenty of good alternatives to the banks.

We’ll be using this logo on some of our advertising and flyers to show that we’re part of a group that’s committed to better banking for all Australians. This isn’t our new name or logo, which we’re currently working on to be presented to members later in the year for their approval.

Here are some quick facts about credit unions and mutual building societies:

• Together we have more than $73 billion in assets and are the fifth-largest holder of household deposits in Australia
• More than 20% of all Australians are members of a credit union or mutual building society
• Just like the banks, we’re Authorised Deposit-Taking Institutions, regulated under the Banking Act and we’re overseen by APRA to ensure we make prudent decisions
• Customer satisfaction for credit unions and mutual building societies is 14-16% higher than the major banks (Roy Morgan Research, February 2010)

If you want to find out more about the campaign, visit www.comesbacktoyou.com.au