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General Manager message July 2018

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General Manager, Paul McNamara discusses current issues and projects

Banking Royal Commission

Most people are now well aware that a Banking Royal Commission has been occurring in Australia over recent months. Most are also aware and probably alarmed at some of the findings from the Royal Commission.  Many of the negative findings have related to very poor practices by certain banks, brokers, and financial advisers which have stemmed from poor cultures in these organisations. Some of the negative findings have related to customers being  deliberately misled, customers being charged for products and services that they did not receive, providing loans to customers that were unsuitable to their needs and with a high risk of default, and organisations arrogantly ignoring and failing to cooperate and communicate honestly with Regulators.   

It makes me very proud to work for an organisation like Orange Credit Union that has a completely different culture and ethics to those organisations mentioned above. We will always put your personal interests first in all of our dealings, we will not deliberately mislead, and we will always treat you and the Regulatory authorities with professional courtesy and respect.

Branch Refurbishment Project

During the course of the next year Orange Credit Union plans to undertake a refurbishment of the Credit Union branch and head office facility in Summer St, Orange.

The refurbishment will take into consideration the changing nature of banking activities and aim to provide members with a modern facility that addresses their individual banking needs now and into the future.  

We will seek the co-operation of members during the actual construction phase as there is likely to me some minor disruption to some branch activities. During the construction phase we will remain open for business for the benefit of our members.  

The Future of Banking

Orange Credit Union plans to continue providing personalised, face-to-face banking services to our members into the foreseeable future. 

At the same time however we will continue to develop and introduce new digital and on-line banking services to ensure that we remain relevant to the rapidly changing banking marketplace.    

We have recently introduced digital services such as E-Statements, Mobile App, Osko and PayID. We are currently working on projects to introduce card transactions via mobile phone (Eg; Apple Pay, Samsung Pay, Google Pay), and also PIN change functionality via mobile phone or internet.

In the near future we will be required by Government legislation to consider the introduction of Open Banking. Open Banking is a new concept and a substantial change to traditional banking, in that, you the customer can authorise for your confidential banking data to be shared with nominated third parties. 

I would like to thank all members for your continued support of Orange Credit Union. It is a pleasure for the Credit Union staff and me to be of service to you.

 
 

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