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Bendigo Bank customers most loyal

Brisbane based consulting firm‚ Engaged Marketing‚ has released results of its latest Consumer Loyalty Benchmarking study‚ naming Bendigo Bank as having the equal highest Net Promoter Score in the Australian banking sector.

The survey based on more than 6600 consumer responses‚ rated nine banks on customer loyalty using the Net Promoter Score‚ which measures the likelihood to recommend.

Bendigo Bank is a consistent leader with Net Promoter Scores within the banking industry‚ with their customers more likely to recommend the bank to their friends and family than customers of other banks.

Bendigo and Adelaide Bank’s Executive‚ Customer and Community‚ Russell Jenkins said Net Promoter Scores are a key indicator of business growth.

“The Net Promoter Score is an accurate measure of customer loyalty‚ and a measure that we have high regard for within our organisation‚” Mr Jenkins said.

“Our entire business is‚ and always has been‚ customer-focussed and we attempt to exceed customer expectations every day.”

The study found that 45 per cent of all respondents said that a recommendation from a friend‚ colleague or family member is the greatest influence when making a decision about a purchase of a product or service.

It also highlighted that for every one negative comment made about a bank‚ it takes four or five positive referrals to reverse the damage.

“In Australia‚ there are around 18 million banking relationships‚ which means there may be as many as 30 million negative comments being made about banks each year‚” Mr Jenkins said.

“Because of this‚ it’s imperative we give our customers a positive experience from the first encounter.

“We believe that successful customers create a successful community‚ which in turn creates a successful bank – but only in that order.”

Community Bank® network returns $40 million

Today Bendigo and Adelaide Bank’s Community Bank® network celebrates a momentous milestone; with the announcement it has now returned more than $40 million dollars to support local community groups and projects right across Australia.

The milestone further strengthens the importance of the Community Bank® network as an alternative source of funding for local community initiatives.

Bendigo and Adelaide Bank’s‚ Executive‚ Customer and Community‚ Russell Jenkins‚ said the Community Bank® initiative has far exceeded all expectations.

“Achieving $40.3 million in returned profit to the community is a fabulous achievement and just goes to show the innovative Community Bank® model is not only sustainable but makes meaningful contributions to communities across Australia‚” Mr Jenkins said.

Since its inception in 1998‚ more than 256 Community Bank® branches have been opened in partnership with 1‚690 volunteer directors and more than 63‚300 local shareholders‚ dedicated to delivering better outcomes for their local communities.

The network now has almost 790‚000 accounts and boasts a total banking book of $16.3 billion.

“Behind those statistics are hundreds of stories of Community Bank® branches making a real difference to the lives of local people‚” Mr Jenkins said.

“The Anglesea & District and Winchelsea & District Community Bank® branches support of Hesse Rural Health is one such story.”

Mr Jenkins said the branches partnered with Hesse Rural Health to provide the Winchelsea community with 10 additional hospital beds for dementia patients and Moriac residents with a new medical centre.

“Corangamite Financial Services‚ the company which operates the branches‚ underwrote a loan and contributed $100‚000 to the organisation to ensure local residents have access to allied health and nursing services.

“We hope that this success is an indication of things to come and we will continue to be an important part of local communities.”

For more information about the Community Bank® concept contact Lauren Treacy on (03) 5485 7109.

Community Bank® pioneer appointed as bank director

Bendigo and Adelaide Bank has appointed founding Community Bank® chairman David Matthews to its board.

Bendigo and Adelaide Bank Chairman‚ Robert Johanson‚ said the 51-year old grain farmer and exporter from Rupanyup in the Wimmera was selected for his strong connection to regional communities.

“David’s experience as a farmer‚ in agribusiness and his community involvement means he will bring a fresh perspective to the boardroom table‚” Mr Johanson said.

Mr Matthews was an innovative pioneer in the early days of the Community Bank® network‚ chairing the first Community Bank® company in Rupanyup and Minyip and serving as a director since 1998.

“The success of this pilot has seen a further 250 Community Bank® branches launched Australia-wide‚ with David playing a key role in developing the branch network as Co-Chairman of the Community Bank® Strategic Advisory Board‚” Mr Johanson said.

Mr Matthews said he’s looking forward to being more closely involved with the decision making process at Bendigo and Adelaide Bank. He sees his appointment as an acknowledgement of the maturity and contribution of the Community Bank® network to the business.

“Bendigo and Adelaide Bank is clearly seeking board diversity and my appointment is a statement to the Community Bank® family – which includes customers‚ shareholders and thousands of supporters across Australia – that their combined efforts are valued and important to the bank.

“While the Community Bank® model was initially pitched at rural and regional locations‚ it was quickly embraced by suburban and city communities and in the past eight years Community Bank® branches have accounted for 27 percent of all new Australian bank branches‚” Mr Matthews said.

“I look forward to seeing Bendigo and Adelaide Bank continue to grow its business and our connections to customers‚ communities‚ shareholders and staff will play a key role in that development.”

Jim Hazel has also been named as a director. Mr Hazel currently chairs the board of our majority-owned subsidiary Rural Bank and throughout his career has worked in numerous roles within the regional banking landscape including a term as Chief General Manager of Adelaide Bank in the 1990’s. He will step down as chairman of Rural Bank at its next meeting‚ but will remain a non-executive director.

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	July 2010	Download - 758Kb

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