It is not only about closing branches, or sacking workers, or making efficiency improvements through the use of clever algorithms, such as artificial intelligence. This is about one of the pillars of the community, our banks – which provide jobs and safeguard our savings, and help small businesses start and succeed – abandoning their traditional role of serving the community to become profit machines.
I’m posting this mainly to remind everyone member owned banks exist
- P&N/BCU
- VicBank
- Great Southern Bank
- Police Bank
- Bank Australia
- People First Bank and quite a few others
I have nothing but praise for the customer service of P&N. Services and rates are comparable if not better than the big banks.
Corporate banks have boars elected by investors and are motivated to skim as much of your money as possible. Member elected boards are elected by you and are motivated to provide a good service.
I have a friend who is a senior manager at BCU, as he said to me, we’re much the same as the bigger banks, just with better PR.
I liked being with Citi as the services it provided could not be sourced from any Aussie bank, alas…
Getting a 404 on the link, at least in Firefox. Seems to need the number at the end:
I find it kind of hilarious that Bendigo Bank’s entire marketing strategy is about being bigger for you, and yet they are closing branches all over and operating like a small bank dependent on telebanking. Pick a lane.
I tried to open an account at Bank Australia and never got past their face verification step :(
