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Connexus : Issue 40
Engage i innovatio Community First Credit Union isn’t going to get down on bended knee to woo potential customers, but it has come up with an interesting proposal for them. In a frst for Australia, the NSW credit union has launched a new deposit account called Matrimoney to attract engaged couples. The account provides couples with a safer and more convenient way for wedding guests to gif money than traditional gif registries or wishing wells. It is free to open, comes with registry cards for wedding invitations and earns couples a high rate of return on their money. Community First head of marketing Michael O’Reilly says Matrimoney is the sort of clever new product mutuals can use as a point of diference as they chase greater market share under new account switching rules. It’s also a sign of the times. Few couples are getting homewares such as toasters, cutlery and crockery to set up the new family home. “They’re doing it this way now and we have responded to the societal change,” says O’Reilly. “They’re getting a stack of cash which they can use for any number of purposes, such as a mortgage.” Community First adopted the Matrimoney concept afer seeing it in action in the United States where the Filene Research Institute, a credit union think tank, fagged the concept. Community First has launched a dedicated site: www.matrimoney.com.au. www.abacus.org.au 27