Switch to customer owned banking – where the biggest shareholder is you
It’s never been easier to switch banks and customer owned banking has more to offer than simply a better deal.
bankmecu’s General Manager Development, Rowan Dowland urges Australians to think outside the square of the Big 4 because smaller banks like bankmecu offer competitive products, better service and an approach to banking that truly puts the customers first.
“We welcome the Government’s legislative changes because we know that the perceived hassle of switching banks has been a barrier for people moving to a better deal.
“We’re also hoping it will encourage consumers to look around, compare products and consider the alternatives, like customer owned banks.
“Because each individual customer is our biggest shareholder this translates into a very different approach to running our business, and a much more satisfying banking experience for customers.
In fact, in June bankmecu achieved a 94% customer satisfaction rating, outstripping the best of the big 4, NAB, which announced a 80.1% satisfaction rating in May.
“Unlike other banks, bankmecu’s profit is owned by customers and used to strengthen the bank and give them a better deal – in fact in 2011 our customers were collectively $31 million# better off than they would have been banking with the big four banks,” Mr Dowland said.
“We’re encouraged to see the Government has also moved to make credit cards fairer – as part of our responsible approach to banking, bankmecu has had a no-marketing guarantee on credit cards since 2004 and so we’re pleased to see other banks must now fall into line Mr Dowland said.
bankmecu is Australia’s first customer owned bank with assets exceeding $2.8 billion and over $300 million in capital. bankmecu has 26 Service Centres across the country, some 128,000 customers and around 348 staff.
To find out more about the account switching reforms visit www.bankingreforms.gov.au
# Source: bankmecu’s Cannex Valuation report June 2011. Canstar Cannex provides fact-based data and ratings to Australian consumers and financial institutions.
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bankmecu General Manager Development, Rowan Dowland is available for comment.
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