GOLD COAST, Australia – Competition between credit unions andother financials exists everywhere, and credit union folks downunder are no exception. Four hundred senior credit union managersand directors attended a two-day Australian Credit Union Conventionhere on how to beat the competition. The workshops and speechesduring the event emphasized the three key attributes that providecredit unions their strong competitive advantage over otherfinancial institutions – member intimacy, excellent service andcommunity engagement. A survey conducted earlier this year by theCredit Union Corporation of Australia, Ltd. (CUSCAL) found thatless than four in 10 big bank customers would recommend their bankwhereas nearly nine in 10 credit union members would recommendtheir credit union. Another survey showed that credit union membersatisfaction increased to 85% up 10% from the previous year. Some84 % of credit union members rate their relationship with theircredit union as either good or excellent. To help maintain thereasons behind these high ratings, credit union conferees attendedworkshops on industry association issues, market research, creditcard issues and liquidity management. The convention received extramedia attention when CUSCAL CEO John Gilbert was interviewed onradio station ABC Gold and Tweed Coast. Gilbert talked about thefour key attributes that differentiate credit unions from theircompetitors, and he also cited the high community involvement ofcredit unions within their communities. He told the radio audienceone of the advantages of credit union membership is “not having ashareholder environment.” Gilbert said, “credit unions only serveone master and that's its members.” He pointed out credit unionsdon't “have to generate obscene levels of profits to pay dividendsto shareholders.” One in five Australians belongs to a creditunion. Gilbert stated he not only would like to have more members,but he would like the members to do more of their business at thecredit union. -

[email protected]