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In an era when disruption, agility, technology and innovation are being heralded as the keys to business nirvana, last night Teachers Mutual Bank put its success down to old fashioned personal service as it was named Bank of the Year at the Roy Morgan Research Customer Satisfaction Awards in Melbourne.
Teachers Mutual Bank scored an average of 95 per cent customer satisfaction in the eight months that they topped the banking customer satisfaction poll in 2015, which was significantly above the average scored by the big four banks over the same period, and higher than all other customer-owned banks. And all this while offering the full suite of banking technology and competitive pricing.
Accepting the award, Teachers Mutual Bank’s CEO, Steve James, said: “Many people think that there must be a trade-off between excellent service and competitive products and services, but we know that’s not the case. Rather, we believe that customer service has in some cases become a lost art, it’s something we have focused on, and has helped us to grow to the bank we are today.
"We see no reason why our members should not receive the same level of personal, high touch service that a high net worth individual might receive at a private bank.
"With so much choice in the market from credit cards through to personal accounts, we work hard to ensure that our members have the same high quality experience whether they come into our office, visit our website, speak with us over the phone or use mobile banking.
"If our members are buying a home, for example, we know that that is one of the most significant things they will do in their lifetime. They really appreciate having a relationship with one personal contact who will help them navigate the entire mortgage process”, he said.
Steve James said that, in the end though, great customer service always comes down to having great staff.
"We strive to create an environment which supports and allows our employees to maximise their potential, and we’re proud to have a staff engagement score of 87 per cent, and people who enjoy going the extra mile for our members every day.
"As a purpose-driven bank, we exist for the mutual benefit of our members, the environment and the community. We know that there is always more we can do and we will continue to work hard to anticipate and meet our members’ customer service needs”, he said.
Teachers Mutual Bank is the leading Australian bank serving employees in the education sector and their families. After a successful merger with Western Australia’s Unicredit on 1 August 2015, Teachers Mutual Bank now has over 173,000 members and more than $5 billion in assets.
Teachers Mutual Bank has a long-term commitment to sustainable business practices and supports a number of community initiatives. Teachers Mutual Bank was named Best Bank in Socially Responsible Performance at the 2015 Asia-Pacific Banking and Finance Awards. It was also recognised for a second consecutive year as a World’s Most Ethical Company by the Ethisphere Institute, one of only two Australian organisations named in 2015.
The Customer Satisfaction Awards are based on data from Roy Morgan’s Consumer Single Source survey (over 50,000 consumers annually), as well as Roy Morgan’s Business Single Source survey (over 12,000 business decision makers annually). These two large, nationwide studies provide a thorough and accurate way to identify and recognise Australia’s top businesses in Customer Satisfaction.
Gillian Tatt, Corporate Affairs Manager, Teachers Mutual Bank on 0448 259 942.