The 2018/19 Financial Year has been a huge year for banking. Nexus Mutual has continued to thrive, and I’d like to share some of our highlights with you.
Trust and fairness
The Royal Commission into misconduct in banking highlighted the behaviour of many banks falling well below community expectations. In its Final Report, the Commission identified dishonesty and greed as the two main drivers behind the misconduct, declaring that the pursuit of short-term profit has been prioritised at the expense of basic standards of honesty.
Unlike the shareholder-owned banks, our members are at the centre of everything we do. We exist solely to serve you and make banking easier for you.
Our member-owned difference clearly resonated with the ExxonMobil community, as we’ve seen a significant increase in member numbers across all age groups, which pleasingly, have largely come from referrals from family members.
The last 50 years and beyond
We celebrated our 50th year of service this year and celebrated this milestone with member events in Sale, Melbourne and Sydney.
We spent this financial year investing additional resources into improving our products, processes, people and systems. The benefits from these are reflected in our member satisfaction reports.
Our members are advocates
The Net Promoter Score (NPS) is an index which measures the willingness of customers to recommend a company’s products or services to others. It gauges a customer’s overall satisfaction with a company’s products and services and their loyalty to the brand.
The banking industry NPS is -5.1 with Bendigo Bank being the best retail bank with a NPS of 23.6. Our Net Promoter Score in June 2019 is 66. Whilst we are still working with a very small sample group of members surveyed, these early results are encouraging.
Financial growth and awards
We experienced strong demand for loans with year on year growth of 22%. Much of this growth came from new members, indicating an increasing demand for our style of banking.
A new Home Saver savings account was introduced and we were delighted to win Canstar’s Innovation and Excellence award for this product.
In May 2019, we launched our Community Partnerships Program in Gippsland, offering community groups and organisations the opportunity to raise funds by engaging their members and supporters to lodge deposits with us. Our support of community partnerships in other communities we serve will be a big focus for us in the coming financial year.
Even with all these great new things happening, we don’t intend to slow down. We are committed to our purpose of improving the financial wellness of our members.
Thank you for supporting your credit union.
Chief Executive Officer