The financial institution, which was recently awarded the Mozo Experts Choice Award for Australia’s Best Small Credit Union, is supporting its South Australian customers with longer opening hours and expanded digital services.
It comes after this week’s news that Australia’s GDP fell by 7 per cent in the June quarter, the largest financial contraction in the nation’s history.
The figures mark two consecutive quarters of negative growth, after a 0.3 per cent drop in GDP was recorded in March.
The financial contraction is largely due to the ongoing economic impact of the coronavirus lockdown in Victoria, where more than 400,000 people are currently unemployed.
Although uncertainty is rife in the market, Credit Union SA CEO Todd Roberts said his organisation is charting a path forward for its South Australian members.
“We remain committed to helping our members and providing a stable workplace for our staff,” Roberts said.
“Even with this cloud of uncertainty over our heads, we see lots of opportunities to grow and help more South Australians get the best out of their banking.
“We also have extended opening hours, which means our members can talk to us when they have time, and our digital solutions are always evolving to give our members the best banking experience possible.”
Roberts said his organisation’s well-established approach to customer relations will serve Credit Union SA’s members well in a turbulent economic period.
“We have always taken a proactive approach in connecting with our members and working with them one-on-one when they need additional support from us,” he said.
“It’s something we are really passionate about, and it’s one of the reasons why we have been able to achieve some great results for our members during these uncertain times.
“We also know that home ownership remains a priority for most individuals and families, and we will continue to support and work with our members to help them achieve their goals.”
And with parts of the South Australian community still dealing with the financial fallout of 2020, the credit union is re-upping its commitment to the local community.
“As a South Australian owned and operated company, we are continuing to recruit locally, while the rest of our industry appears to be contracting and outsourcing,” Roberts said.
“We are nothing without the community we call home, that’s why we continue to give back to local organisations like St John’s Youth Services, SALA, Zahra Foundation and the SA education community.
“We not only believe good business and ethics go hand in hand, but we also believe it’s our responsibility to stand by those organisations that make a huge difference to the lives of vulnerable South Australian’s now more than ever.”
Credit Union SA is South Australia’s third-largest credit union with more than $1 billion worth of assets.
The SA based financial institution, which is owned by its more than 50,000 members, offers a full range of financial services, including home loans, personal loans, transaction and saving accounts, and fixed-term investments.
In addition to being named Australia’s Best Small Credit Union, the organisation also won “Australia’s Best Digital Bank” at the DBM Australian Financial Awards earlier this year.