performance
As at 30 June 2011, there were 133,865 customers banking with bankmecu. Victoria remains bankmecu’s strongest region, with 77.6% of customer numbers and the majority of bankmecu’s retail network.Queensland provides the second largest customer base, with 8.5% of total customers.
Key performance indicators performed better than last year, including for 3 or more product usage (72.84%), member retention rate (99.36%) and member support value ($33,000).
Banking services competition analyst Canstar Cannex assessed that each bankmecu customer is on average $231.60 per annum better off by banking with bankmecu than banking with the four major banks. This customer return is in addition to the contribution to total customer wealth represented by the addition of a record profit to capital reserves. Capital reserves benefit customers by ensuring a secure, prudential business basis and an interest-free source of funds for investment to deliver ongoing profitability and competitive customer benefit.
Customer satisfaction remained high at 94%, which represents a 2% increase on last year’s result, underpinning bankmecu’s performance throughout the year and the successful integration of merged customers.
The top three attributes customers associate with bankmecu include ‘ethical’, ‘provides customer service at a standard you require’ and ‘practices socially responsible banking’.
Focus groups held with customers and non-customers in April to better understand perceptions of the credit union sector highlighted a low awareness of mutual financial institutions, limited understanding of what they are, what they offer and limited opportunities for new market penetration. bankmecu has responded by applying successfully for regulatory approval to refer to itself as a bank.
There was a decrease in the number of complaints received in 2010/11 from 503 to 345.
Spotlight - Customer value