The Bank’s Strategic Plan places a new focus on attracting professionals, socially aware people, community and public sector organisations and small business.
Roy Morgan research defines socially aware customers as consumers who are community minded, socially active and have a strong sense of social responsibility. Its population tracking research (released in 2014) estimated 16.3% of the total population was socially aware. Applying these figures to our current customer base suggests 16.5% can be regarded as socially aware. Further, 18.6% of customers who joined the Bank in the past year were socially aware, indicating we are starting to make progress in this area. We will track this figure each year, as we monitor efforts to attract this segment of customers.
To ensure we continue to meet the need of our target markets, we regularly survey our customers. This year customers considered the strongest contributing factors to being a responsible bank to be:
- a 100% customer owned bank (79%)
- responsible banking products and services (64%)
- better rates and lower fees (63%).
The Bank also conducted a quarterly survey of new customers, to learn more about their experiences joining bankmecu. In nine months, we received 336 responses, representing approximately 8% of new customers. According to these new customers, they were attracted by our strong values proposition (42.9%) and our interest rates (18.5%).