bank mecu - responsible banking

As at 30 June 2011, there were 133,865 customers, a reduction of 9,022 over the year due to an intensive program to close dormant and inactive accounts and to identify and rationalise multiple customer records for the same customer following mergers in 2009/10. The benefits of the program include a truer reflection of average customer value and other customer metrics, and reduced administration costs (e.g. fewer statements and decreased database maintenance).

Victoria remains bankmecu’s strongest region in terms of customer numbers and retail network. bankmecu’s regional profile strengthened with the addition of the RegionalOne customer base in July 2009, making bankmecu the largest regional mutual financial institution in Victoria. Queensland provides the largest interstate customer base representing 8.5% of total customers. Throughout 2010/11, bankmecu consolidated  the retail network inQueensland by centralising several service centres in one CBD location, providing a greater brand presence in the local market and access to a wider customer base. 

Figure 5a: Geographic distribution of bankmecu’s customers 

As at 30 June 2011: 

• 45.99% of customers were aged between 25 years and 55 years (2008/09: 50.85%, 2009/2010 47.77%)
• 37.90% of customers were aged 56 years or older (2008/09: 33.57% 2009/2010 35.39%), and
• the average age of bankmecu’s customer base was 46 years (2008/09: 45, 2009/10: 45).

bankmecu customers, in line with the general Australian population, are ageing. However, bankmecu is noticing a distinct change in behaviour with ‘Baby Boomer’ customers. This customer segment is increasingly borrowing quite actively in later stages of life, be it for residential, investment or personal purposes. They are also diversifying investments back into cash instruments, which is consistent with post global financial crisis (GFC) conservatism where security weighs in over return.