Berrima District Credit Union representatives attended the first annual Credit Union Federal Parliament luncheon last week.

The credit union luncheon has been held on a state level for many years, however recent regulation changes now mean credit unions come under Commonwealth jurisdiction.

The shift has been welcomed by credit unions across the country because it puts credit unions on the same playing field as every other financial institution including the ‘big four banks.’

Credit Union Services Corporation Australia Limited (CUSCAL), which was the driving force of the luncheon, was quick to point out that $24 billion in investment that credit unions maintain collectively puts them in sixth place, behind St George Bank in size.

CUSCAL corporate governance general manager Derwyn Williams, capitalised on the focus of the day’s discussions when talking to the members of Berrima District Credit Union.

“As was pointed out by the guest speakers, credit unions have an 80 per cent good to excellent rating in customer satisfaction.

“So in such a competitive market, which the financial sector is, this customer satisfaction has become a major issue, that’s why credit unions are playing such a vital role in banking,” Mr Williams said.

Berrima District Credit Union development manager Geoff Lisle, illustrated how credit union customer service is having a massive impact on the banking sector.

“If a client has a problem or wants to make changes to their finances we don’t have to get confirmation from senior management in Sydney.

“I run it by the general manager right here in our office in Bowral and she makes the decision right there on the spot,” Mr Lisle said.

Although credit unions have successfully captured almost four million clients out of the 19 million banking Australians due to their service approach, credit unions have been be left behind in e-commerce according to CUSCAL.

CUSCAL e-commerce general manager Dhun Karai, painted credit unions as ‘sleeping giants’ in the e-commerce world.