Record growth driven by competitive products and personal service
Competitive products and a deep commitment to personalised service is driving record growth at Tasmania’s only customer-owned bank.
The CEO at Bank of us, Paul Ranson, has announced a series of new benchmarks at the halfway mark of the financial year, thanking the company team for delivering on a promise to put people at the heart of banking.
A snapshot of the Bank’s mid-year results includes:
- 2355 new customers
- Asset growth of $134 million to a total $1.87 billion
- Loan growth of $99 million to a total $1.56 billion. Total growth of 17.3% (annualised to the end of 2024) running at three times system growth 1
- Tasmanian owner-occupier home loan market share a record 12.69%
- Growth in deposits of $131 million
- 580 people into their own home through the Tasmanian Government’s MyHome shared equity program - totaling almost 1700 in total since Bank of us became partner lender in mid-2022
“We see Bank of us as having an important and distinctive role to play in the Tasmanian financial services landscape,” Mr Ranson said. “Because we are customer-owned our goal is not growth for growth’s sake or to meet the expectation of shareholders.
“Instead, we aim for sustainable growth, which allows us to provide the security of home ownership to more Tasmanians, along with competitive savings products to support our customers’ financial security.”
Board Chair Helen Galloway said the Bank’s positive workplace culture, which had the customer at its heart, was the key to sustained growth since Bank of us was relaunched from B&E in 2017.
“We have improved our digital offering but the foundation of what we do remains in-person support when customers need it – either in store, over the phone or by email,” she said.
“We know many of our customers want the comfort and security of dealing with someone over the counter.
“And where some companies have moved to centralise or offshore call centres, our team members are here in Tasmania, working in the stores.
“The average wait time to talk to us over the phone is running at less than 50 seconds.
“We feel this personal approach is really important for Tasmanians in a digital world which is more complex and uncertain, and at a time people are rightly worried about scams.”
Mr Ranson said Bank of us met the same regulatory requirements as any Australian financial institution, including having the $250,000 Government guarantee.
“It means we can provide the highly personalised service possible as a smaller institution, while customers enjoy the same safety and security as they’d have with any of the big banks,” he said.
