MADISON, Wis.—A delegation of U.S. credit union and trade group executives has wrapped up its week-long tour of Australia.
The World Council of Credit Unions-sponsored trip included field visits to six different credit unions, where the delegation learned about several issues that have impacts at the branch level.
While in Sydney, the group heard presentations on branding at Qudos Bank and Police Bank. Many Australian credit unions use “bank” in their names. Tony Taylor, CEO of Police Bank, also discussed his organization’s digital innovations and payments system. “Australian credit unions have been at the international forefront of developing cutting-edge digital solutions and products for their members,” WOCCU said.
Officials at Unity Bank and G&C Mutual Bank touched on taxation, legislation and regulation, and cooperative structure and profile. Australian credit unions, cooperatives, mutual banks and building societies are subject to the same regulation and high taxation as banks.
In Melbourne, the delegation traveled to Melbourne for visits to Bank First and Bank Australia—receiving information on the branding and cooperative profiles of both organizations.
Deep-Dive Examination
The field visits brought a conclusion to the study trip hosted by executives from Customer Owned Banking Association (COBA)—World Council’s member organization in Australia. The trip was designed to be a deep-dive examination of how financial cooperatives there are leading the way in developing innovate digital solutions, while working to overcome regulatory, taxation and branding challenges to grow membership, according to WOCCU.
“Australian credit unions have had great success in developing innovative digital payment systems to respond to the demands of their members in a highly digital market,” said WOCCU President Brian Branch. “This trip gave our delegation a first-hand look at just how important digitization is in providing a broader range of services and attracting new members. They also were able to see how alternative taxation and regulation can impact a nation’s credit union system.”