As 2018 draws to a close, it’s time to reflect on the huge year that was – for both Nexus Mutual and the broader financial services industry as a whole.
No doubt, you would have seen in the media in recent weeks that one of the unintended consequences of the Hayne Royal Commission has been a slowdown in consumer lending and protracted delays in gaining approvals.
And talk of a credit crunch is beginning to fuel a further downturn in property prices across the country.
Despite all the talk about the banking industry, and the enormous amount of change that we’re starting to see in the sector, it’s important that you know that nothing has changed at Nexus Mutual.
We’re open for business.
We’ve had almost 500 new members join the credit union in the past 12 months, our products are some of the best in the market, and we’re experiencing record lending growth.
As a member-owned organisation, and with the absence of shareholders, we exist solely to support our members. We always have and always will. Our core focus is to provide a superior, personalised experience and our people and processes reflect this. Our people are empowered to make decisions or sit a few desks away from key decision-makers in the business.
Though you wouldn’t usually read about us in the press, Nexus Mutual has been making headlines in 2018 around our award-winning products. (In fact, recent media attention to our Junior Saver and Platinum Credit Cards has drawn scores of people to want to join our exclusive credit union, despite being ineligible!).
Our sector has been bucking the trend with banking headlines too. The latest quarterly banking figures from APRA show that Australians are continuing to turn to a banking model of credit unions and mutuals that puts them first, with system-beating growth in the customer-owned banking industry.
I’d like to thank you for your ongoing support of Nexus Mutual throughout 2018 – our continued success is because of our members. On behalf of the team, I wish you and your family a safe and happy holidays.
Chief Executive Officer