I’m Tony Innes, Savings & Loans’ Acting CEO while Greg’s away on leave. My usual role is Deputy CEO, and I’m responsible for a whole range of things, including developing Savings & Loans in new areas or regions.
In October last year we expanded our operations in Victoria to include metropolitan Melbourne. We’ve been in active in Victoria for a few years now, but only in Ballarat and Warrnambool, so this was an exciting move for us.
The expansion started with three branches, all in the same area – The Glen, Knox City and Chirnside Park. See our website for address details.
More branches are in the pipeline and we’re looking forward being just as successful in Melbourne as we have been in our traditional heartland of Adelaide. The three branches we’ve opened already are performing well, with our friendly and personal way of doing business proving to be popular.
A lot of work goes into deciding firstly whether to expand into new territories, and then where exactly we should open the branches. We know that we’re using our members’ money to fund any expansions so we don’t make these decisions lightly, and everything we do is designed to benefit members.
Two of the common questions I get when we talk about expanding are why we’re doing it, and how it benefits our existing members.
The most obvious reason for moving into different parts of Australia is that it helps our existing members who move interstate, or are travelling on holidays. You can access your accounts through the internet or over the phone no matter where you are but if something goes wrong it’s, handy to know there’s a branch you can visit.
Secondly, we know how much of a great organisation Savings & Loans is and we want to open up these possibilities for more people.
Having focussed and sustainable growth also helps to make us more efficient. In the long term, this will mean more benefits for members and allow us to continue delivering fantastic value.
We see Melbourne being an exciting opportunity for Savings & Loans, but it’s far from growing just for the sake of it. By gradually opening new branches we can ensure the personalised, friendly service and great products our members have come to expect continue well into the future.
On another note, you may have noticed the new look we’ve given here&now. We hope you like it.
Tony
Tony,
The expression "sustainable growth" is an oxymoron ie a thing is either sustainable or else it is growing never both. If a thing is growing, there WILL be an end point hence it is NOT sustainable.
The word sustainable is thrown around too much these days and its value is weakened. Sustainability is about continuity of the human race, not a trivial thing.
I come from a Peak Oil perspective and will be happy to explore this point with you at length. Peak Oil rules economic growth out of the question. (Peak world supply estimated in 2011)
Cheers and this was all meant constructively. S & L is a really great organisation.
Posted by: Michael Dwyer | May 08, 2008 at 09:18 AM
Existing members seem to be paying the price for this interstate "growth" of S&L via increased fees. "Just like a bank..." could be your new slogan - pehaps you could paint it on a tram - with members' money!
Posted by: M Lovejoy | June 22, 2008 at 07:43 PM
Another thought, as I've become even crosser as I re-read your fee flyer. Remember the saying that if someone is happy they tell one person but if they are unhappy they will tell 10? Word of mouth is always the most powerful and best advertising. Be careful what you do to fees, with mergers and "expansion". A friend's (former...) credit union did this and word of mouth is out that they are NO LONGER a credit union to recommend, in fact they are strictly to be avoided. Watch and learn, S&L, as you have many loyal members and it would be a shame to put us off-side by taking on a self-promoting or greedy image. Member loyalty is everything and will bring you more business than any slick campaign ever will. Few I know are happy with that tram ad, and there was nothing wrong with the old logo either. Save the money and put it towards training more young people as staff, or something similarly worthwhile like removing those planned Visa fees. Say this 10 times before bed: "We are a credit union, not a bank." Hopefully that will remind you.
Posted by: M Lovejoy | June 23, 2008 at 02:15 PM
From the Abacus – Australian Mutuals site you refer to in another blog entry, CUs are "all about serving our community - whether it's a town or suburb, or a workplace or industry". How does interstate expansion, which clearly carries a cost ultimately borne by members as, fit in with this philosophy?
From my perspective, S&L is no different to the banks in its day to day operations. We're seeing increased fees, revised logos and branding, advertising and expansion outside of its traditional community. I can no longer recommend it to friends and family as an alternative to the banks.
Disappointing times ...
Posted by: Richard | June 25, 2008 at 08:40 AM
Will the Savings & Loans have a presence at the redeveloped Hallet Cove shopping centre? At present I have to go to either Marion Shopping Centre or Christies Beach to access S & L facilities (and therefore save on fees).
Are there any plans to have a branch or, at the very minimum, an ATM at Hallett Cove?
Posted by: Malcolm | July 29, 2008 at 09:58 AM
@Malcolm – We put a lot of thought into where we place our ATMs and branches. As you’d imagine, there are some significant costs involved in putting in this sort of infrastructure. I’m not aware of any immediate plans to put in an ATM or branch in the Hallett Cove Shopping Centre, but remember that from 1 August, all Rediteller ATMs are counted as Savings & Loans ATMs for fee purposes. This makes it even easier for you to reduce fees.
Posted by: Greg Connor | July 30, 2008 at 02:27 PM