People’s Choice named Credit Union of the Year

Australia’s second-largest credit union has taken top honours at the Roy Morgan Customer Satisfaction Awards, with People's Choice named Building Society/Credit Union of the Year for 2016.

People’s Choice CEO, Steve Laidlaw, said he was pleased that People’s Choice had again been acknowledged with another customer satisfaction title.

“This is the second time we have been named Credit Union of the Year in Roy Morgan’s annual Customer Satisfaction Awards, following the achievement of this same honour in 2014,” Laidlaw said.

“At People’s Choice, our most fundamental measures of success are how we support our members and how happy they are with us. Because our owners are our customers, we have a purity of purpose which is to do the right thing by our members.”

According to Laidlaw, the acknowledgement was recognition for the steps the credit union has taken over the past year to engage more deeply with its members.

“This is also reflected in the fact that People’s Choice was ranked by Roy Morgan as the best credit union for customer service every month from July to December 2016,” he said.

“There are many Australians who are disaffected with the big banks, so acknowledgment such as this helps highlight that People’s Choice stands as a real alternative.”

In addition to this latest accolade, People’s Choice Credit Union has been recognised by both Canstar and Mozo for some of its financial products in rec4ent years.

In September, Australia’s second-largest credit union delivered a 40 per cent jump in net profit to $35.95 million, despite economic volatility and record low interest rates.

Increased sales revenue and strong loan growth contributed to a result, which Laidlaw described at the times as "outstanding" given the low-rate environment, which he claimed made life especially tough for the mutual sector.

An important area of growth was in memberships with 44 per cent of the 23,456 new members who signed on being aged under 30 years old.
"People are more aware of what motivates the major banks now and are starting to view them differently to the mutuals," he said, adding that credit union’s differentiation from banks was a key selling point over the past year.

"As a credit union, we offer a genuine alternative for those Australians who have lost trust in the big banks. We don’t have divided loyalties like a bank and this single focus is achieving results."

Categories
Banking,
Tags:
People's Choice, customer, satisfaction
Author:
AB+F Editorial, online@financialpublications.com.au
Article Posted:
February 24, 2017

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