Statement regarding closure of Sefton Plaza branch
7 Mar 2018
In response to steadily declining use of the Sefton Plaza Branch, Credit Union SA has advised its staff and members of plans to close the branch effective 29 June 2018 and transition members to alternative banking and support options.
This decision follows a review which has confirmed that the majority of Credit Union SA members have changed the way they do their banking, with a growing number of members now attracted by the ease and convenience of banking online.
Just as online and mobile banking have grown in popularity, the number of people visiting the Sefton Plaza branch has also reduced. Transaction volumes at the branch have dropped significantly over the last five years, decreasing by 32% during this time, with:
- Only six members using the branch every week;
- 163 members (or 5%) using the branch at least fortnightly; and
- Over 74% of members visiting the branch only one to four times a year.
As a member-owned organisation, Credit Union SA has an ongoing responsibility to ensure an agile, sustainable operating model is in place which generates the most value to the majority of members.
We recently sought feedback from members to better understand their banking needs. Members told us they’re looking for:
- lower fees;
- good rates;
- great help;
- extended hours of support; and
- more digital banking services.
We’ve listened to our members and will now be removing all transaction fees for Sefton Plaza branch members, to take effect from 1 July 2018. This means 38% of members who have transacted at the Sefton Plaza branch will benefit by no longer paying any transaction fees as a direct result of the cost savings from the branch closure.
We’re also planning to extend the operating hours of our Member Contact Centre and our Head Office branch at 400 King William Street, which will provide greater access for all members to enjoy and will be accelerating our investment to create more digital banking solutions which members are demanding.
This follows the recent updates to our Mobile Banking App, the launch of Google Pay™, Apple Pay, Samsung Pay, the introduction of online account opening and loan applications and the launch of payments in real time via PayID to serve members.
Members who use the branch will be supported extensively over the next 12 weeks to assist them with this change. We have written to all impacted members advising them of the pending closure, which included detailed information on the alternate face-to-face and digital banking services available to them. We’ve placed additional staff at the branch to assist members on an individual basis over the next four months, and also established designated telephone and email support lines.
No reduction of the existing workforce will occur, with branch staff to be redeployed to other Credit Union SA branch locations.
About Credit Union SA
Credit Union SA is South Australia’s third largest credit union, with over $1bn in assets, around 49,000 members and proudly employs over 150 South Australians.
Credit Union SA Ltd ABN 36 087 651 232 AFSL/Australian Credit Licence 241066, Credit Union SA Centre, Level 3, 400 King William Street, Adelaide SA 5000. GPO Box 699 Adelaide SA 5001.