WA CREDIT UNION HAS BECOME A 100 PER CENT CUSTOMER OWNED BANK

One of the nation’s top three credit unions, Community CPS Australia – operating as United Community Union in Western Australia – has become a 100 per cent customer owned bank under a bold new naming strategy designed to offer consumers a real alternative in the financial services sector.

From 1 August 2013, the Community CPS Australia Group and its five allied brands will trade as Beyond Bank Australia, a values-based, 100 per cent customer-owned bank operating in SA, WA, ACT, Wagga Wagga and the Hunter Valley.

Chief Executive Officer Robert Keogh said our customers in Western Australia could now access a banking offering which combined the best of both worlds – the same level of safety and security for their savings combined with an unrivalled operating philosophy that puts customers and their communities first.

The change was driven by extensive analysis of the Community CPS ‘member-centric’ business, changing consumer habits, and the opportunity provided by the Federal Government’s 2010 banking reforms for the mutual sector to create a ‘fifth pillar’ and increase competition in the banking sector. Those reforms enable any credit union or building societies that meet a minimum capital requirement to apply for mutual bank status.

"We have seized a strategic opportunity that enables us to continue to drive our agenda and respond to the age of the consumer who is more informed than ever and clearly in the driver’s seat when it comes to deciding their banking provider," Mr Keogh said.

"Becoming a mutual bank retains the best of both worlds – all the benefits of mutuality that our members know in terms of high levels of service, competitive products and a commitment to reinvesting our profits to benefit customers and the community, under the auspices of a bank."

"It shows Australians there is another way to bank, a way that puts people before profits and believes in prosperity for all. Our model is based on providing better banking solutions, meaningful community initiatives and personalised professional business services."

Beyond Bank Australia has also formalised its community support by setting up a Community Development Division to expand an established program of investment activities that strengthen the fabric of communities in which Beyond Bank Australia operates.

"We have a strong track record of investing in the Western Australian community, donating more than $288,000 through our grants and sponsorship programs over the last three years," Mr Keogh said.

"This includes a $23,100 grant for Silverchain - to help support bereavement counselling for children affected by the loss of a parent or loved one, and a $15,000 donation for Little Athletics WA."

"We have distributed more than $8 million to charities, not-for-profit organisations and community groups around Australia, since 2007. Our plan for the future is to increase our annual contributions by more than 150 per cent as a demonstration of our commitment to strengthening the communities in which we operate."

"As Beyond Bank Australia I am very pleased to say this true commitment to the community will become even stronger as we seek to develop more partnerships at a national, regional and local level."

The move to mutual bank status also allows Beyond Bank Australia to attract additional funds from other organisations to support future growth by attracting more customers and widening the bank’s service offering.

For more information visit www.beyondbank.com.au