The 2007/2008 financial year has been a strong period for Savings & Loans, characterised by controlled expansion in turbulent market conditions. This strong performance has allowed us to increase services for members, continue our support of the community and make some positive moves for the future.
This year, we released our first membership valuation, which quantifies the value Savings & Loans delivers our members as a result of our mutual status. Independent financial research organisation Cannex has determined that Savings & Loans members are $111 better off every year through lower fees, fairer interest rates and better service, when compared to customers of major banks.
We received a 95 per cent member satisfaction survey last year, which is consistent with the previous year’s result. That score is considerably higher than the finance industry average of 82 percent. This shows that our members appreciate the way we interact with them and meet their needs.
These are certainly great results, and plans are in place to continue improving this performance into the improving future. For example, in the past year, we have established a dedicated Member Experience Unit, with a charter to improve services for members and ensure that we consider their interests in all of our decisions.
One of the things I like is that Savings & Loans has a social conscience, unlike many other finacial institutions. I work at the Women's and Children's Hospital and I've seen the good work Savings and Loans has done at the hospital.
Julie, member