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Connexus : Issue 36
The performance of CUA and the industry generally are welcome signs, says Andrew Hadley, the credit union's group general manager for strategy and marketing. "I wouldn't want us to get carried away on the back of three or six-month growth, but they are particularly encouraging signs at this point of time." He says the success highlights the importance of a strong product offering, noting that CUA has consistently kept its standard variable rate more than 50 basis points below the average of the big four banks. "We need to continue doing things like that so we are not just talking about a model or concept and there are actually some tangible benefits for customers." The recent growth results underscore the mutual banking sector's important role, says Deloitte banking and finance specialist Philip Hardy. "It's a good thing they are growing well because a healthy mutual sector is good for the banking sector as a whole," he says. Negative conclusions should not be draw n too quickly about the state of the major banks, given that they experienced "phenomenal growth" during the global financial crisis, he says. But he also makes the point that pressure on politicians to rein in perceived bank profiteering plays into the hands of mutuals. "There's never been a better political environment for those outside the majors," says Hardy. "I don't necessarily think bank bashing is good for anybody, but alternative providers of various products in the market is a good thing." www.rubik.com.au Rubik Financial Ltd ABN 51071 707 232 Share our vision of reducing your IT costs by over 30%... Delivering a fexible, low-cost, hosted ‘Bank-in-a-Box’ technology platform to fnancial institutions. To fnd out more call 02 9488 4000 10.4% Share of loans for owner- occupied homes written by building societies and credit unions in February 2011 FEATURE FUNDING 27 connexus www.abacus.org.au