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Connexus : Issue 38
www.abacus.org.au www.abacus.org.au 8 Connexus 8 NEWS Events 2011 October 20 OCTOBER International Credit Union Day 22-26 OCTOBER 2011 Abacus/AM Institute Convention, Cairns 31 OCTOBER International Year of Cooperatives 2012 launched in New York November 22 NOVEMBER Australian launch of the International Year of the Cooperatives 2012, Canberra 22-23 NOVEMBER AM Institute’s Online Sales, Marketing & Communication Forum, Sydney 30 NOVEMBER - 2 DECEMBER AM Institute’s Finance & Risk Forum, Melbourne 2012 March 18-22 MARCH CUNA Government Affairs Conference, Washington, DC May 9-10 MAY BSA Annual Conference, Manchester, UK July 15-18 July World Credit Union Conference, Gdansk, Poland The people have spoken – and big banks should be worried, according to the 2011 Mozo People’s Choice Awards. A mutual has been crowned as the best ranking institution and home lender of the year. And according to the more than 23,000 consumers who took part in Mozo’s survey, mutuals top the ratings for delivering the best service, trust, price and features – and more than match the big banks on convenience. Over the past 12 months, consumers rated their financial institutions on mozo. com.au based on six criteria: overall satisfaction, price, features, customer service, convenience and trust. “Australia’s mutuals shone in this year’s Awards,” says Mozo. “Customers rated mutuals better than the banks on the key measures of service, trust, price and features, and equal to the big four for convenience.” Greater Building Society took line honours in home lending and customer satisfaction, closely followed by Victoria Teachers Credit Union. And their mutual colleagues joined them in the league tables. Seven out of the top 10 banking providers were mutuals and nine of the top 10 banking providers for customer service were mutuals. Left in the dust were the major banks with far lower levels of satisfaction. The Greater welcomed the recognition of its team’s commitment to service. “Our customer satisfaction rating is something our staff are incredibly proud of and these awards are a real credit to them,” says Greater head of strategy Chris Hodgins. The Greater recently had 12 home loan products awarded 5 star ratings in the 2011 Canstar Cannex Home Loan Awards. Mutuals also rated better on average across all product types in the Mozo awards, especially in lending. The biggest gap between mutuals and the big four by product type is in home loans. Other key statistics include: • Mutuals outrank others in overall satisfaction with mutuals rating 8.2 out of 10, compared with the big four at 6.9 and other banks at 7.5. • 75 per cent of all mutual customers rated their provider 8 or more. Only 50 per cent of major bank customers rated their bank at 8 or above. • Customers rated mutuals better than banks on each of the measures for service, trust, price and features. There is a clear 1.5 points difference between the mutuals and the big four on service and trust and price. “Customers have spoken and the big banks should sit up and take notice,” says Mozo managing director Rohan Gamble. “The challenger banks and mutuals are delivering competition and winning customers with competitive pricing, great customer service and a customer-first focus that engenders trust.” Abacus CEO Louise Petschler says the results help show again that customer- owned banking institutions deliver great value to millions of Australians. “I congratulate the worthy mutual winners on this outstanding achievement and encourage consumers to vote with their feet,” Petschler says. Customers choose mutuals “Customers rated mutuals better than the banks on the key measures of service, trust, price and features, and equal to the big four for convenience.” Rohan Gamble, managing director, Mozo