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Jessica Darnbrough
Greater education could help Australia’s credit unions and mutuals claw more market share, one stakeholder has claimed.
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Speaking to The Adviser, Gateway Credit Union’s chief operating officer Gary English said it is up to the mutual sector to inform and educate brokers and borrowers about the benefits of using a mutual if the sector is to grow its share of the market.
“We need to let brokers and their clients know what credit unions are all about. We need to show them that there is a viable alternative to the banks,” he said.
“Brokers and borrowers tend to shy away from offering mutual products because they are unfamiliar with the mutual model.”
Mr English said Gateway was currently spending “a lot of time” with its broker partners, explaining what a credit union is.
“When they understand our proposition, they are more inclined to try us and we find that once people try us, they keep using us,” he said.
Mr English said this is because all of the credit unions, including Gateway, have strong service propositions and excellent customer service.
Data from Quantum Management shows Gateway has a member/customer satisfaction rating of 94 per cent – significantly higher than Gateway's larger competitors.
“Gateway consistently receives some, if not the highest, satisfaction ratings across the industry,” Mr English said.
