Katoomba & Upper Blue Mountains Community Bank® Branch of Bendigo Bank


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23/08/2017
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30/11/2017

Bendigo Bank's value in communities causes satisfaction to soar says AFR BOSS Magazine's Joanne Gray The annual Shared Value Awards celebrate business strategies that create profit and deliver social or environmental benefits. Bendigo and Adelaide Bank’s satisfaction rating among its customers is a staggering 96 per cent – it was named this year as the winner of the Corporate Organisation Leading Through Shared Value award, and was recognised by Fortune magazine as one of the 100 companies that are changing the world. It was named Corporate Citizen of the year in Victoria for the second time, and its trust levels are the highest of all the banks. But when asked if Bendigo is the only bank that people like, chief executive Mike Hirst laughs. “No, I don’t think so. If you have a look at the customer satisfaction levels across all banks, they are as high as they’ve ever been. "There’s this concept that I like my bank, but everybody else’s banks are nasty or hopeless or whatever. Each bank individually has done a good job getting their customer satisfaction up. But the industry isn’t well perceived. And there’s no getting round that really.” When one of the proponents of the “shared value” concept, philanthropist and private equity specialist Mark Kramer first met with Bendigo Bank, which established its community banking model in 1998, he said it had been operating as a shared value organisation well before he and Harvard Professor Michael Porter coined the concept in their 2011 HBR article “Creating shared value”. 'We just need to tell our story more' The model works like this: the community establishes a company that’s broadly held. They pay the cost of setting up and running the branch. Bendigo bank looks after the capital for the balance sheet, and invests in the technology platform, and revenue is split 50/50 with the community. Of the profit, 80 per cent goes into community benefits, while 20 per cent is paid to shareholders. “One of the key tenets … is that all the stakeholders in the business can be fairly rewarded for the effort that they put in, be that customers, staff, suppliers,” says Hirst. At a time when the big banks’ reputations are under dire threat, and of calls for a royal commission, one may expect that Bendigo Bank - with its slew of awards and high trust rating - would be easily able to grow market share. Yet Hirst says the biggest challenge for the $70 billion business is to take full advantage of the reputational and trust benefits that flow from its unique model. “We know we’ve got a great platform. Our mobile banking app finished 0.2 behind CBA mobile banking in terms of customer satisfaction … So we’ve got everything in place. We just need to tell our story more.”

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Address
117 Katoomba Street
Katoomba NSW 2780
Ph:
(02) 4782 1144
Fax:
(02) 4782 3033
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Services
  • ATM (pin changing)
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Mon-Fri 9:00am-5:00pm
Sat 9:00am-12:00pm
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633-000
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Katoomba & Upper Blue Mountains Community Bank® Branch of Bendigo Bank