BCCM member CUA’s focus on digital banking with a human touch reflected in strong FY18 results

13 September 2018

BCCM member CUA, Australia’s largest credit union, has reported strong performance in FY2018, delivering value for members and the community:

• Retail deposits grew by 5.3 per cent for the year to a record $9.22 billion
• A net increase of 20,008 CUA banking members
• Roll out of New Payment Platform and full suite of digital wallets for members
• 1055 volunteering days contributed by CUA staff, on top of 3% of pre-tax profits allocated to community investment

CEO Rob Goudswaard said that CUA had invested heavily in its member initiatives during the past year to provide a better member experience, return more value to members and increase choice in how members interact with CUA and manage their money.

“On the regulatory front, we are continuing to work with our industry bodies and Government towards the legislative reforms that will give mutuals the ability to raise capital for the first time. We are expecting draft legislation to be released this year, with legislation to hopefully be passed by Parliament in early 2019. This is a huge win for mutuals following the Hammond Review into access to capital and will give us more flexibility to seize on future opportunities.”