Mutual of the Year Award
I am so proud that Beyond Bank Australia was named Mutual of the Year at the Asia-Pacific Banking + Finance (AB+F) awards that were held recently in Sydney.
The AB+F awards are highly regarded and to be named Mutual of the Year is a wonderful tribute to both our staff and our customer-owners.
Nick May, General Manager Corporate Services, Ryan Holman, Product Manager and I attended the evening and when we heard Beyond Bank announced we were only too happy to step on stage together and receive the award.
Key reasons for receiving the award were not just around our organisation’s solid financial platform and range of competitively priced products and services, but also our commitment to mutuality with a strong sense of community and the ability to return value back to our customers.
The fact that we are a customer-owned bank means that we can offer our customers unique benefits and rewards and focuses our efforts on supporting the communities in which we operate. I often say that it’s not the money you make, but how you use it that really matters.
The Mutual of the Year award caps off a great year for Beyond Bank – we celebrated our first anniversary as a customer-owned bank, we worked with our community partners and created appeals for residents in South Australia and the Hunter Valley who were adversely affected by fire and flood. Canstar awarded us with 5-star ratings on seven of our Home Loan products and on our Low Rate Visa Credit Card, and we launched our Community Entrepreneur Program that is designed to support people in the community who are looking to kick-start their ideas with financial grants and access to an established support group of like-minded entrepreneurs.
Beyond Bank was also found to provide customers with outstanding value, with an independent report illustrating that Beyond Bank customers were $31.8m better off with us than if they banked with one of the four major banks, that’s $162 per customer.
The important difference about a customer-owned bank like us is that we are not only 100% owned by our customers but we can also direct any profits we make back into building a better bank for our customers and in support of the community. It’s what makes us the other way to bank.
Winning this award says a lot about our organisation and our people. It demonstrates the significant role the customer-owned banking sector plays in the finance industry and that the industry has faith in us and our future. My hope as Chief Executive is that our customers recognise this award as evidence of our strength and our commitment to return value back to our customer-owners and their community. We invite others to be a part of the Beyond Bank family.