Chapter 3

Reaching more members

We’ve succeeded in introducing more Australians to the benefits of customer-owned banking this year thanks to new products, community initiatives, strategic partnerships and collaboration between industry and government. We achieved strong net growth of 19,000 customers, despite challenging external conditions, and now support the banking, general insurance and health insurance needs of over 568,000 Australians.

Helping more Australians acheive the dream of home ownership

Helping Australians take their first step onto the property ladder has long been part of CUA’s DNA so we’re proud to now be part of the Australian Government’s First Home Loan Deposit Scheme (FHLDS). The initiative enabled first-time buyers to secure a home with as little as 5 per cent deposit and avoid thousands of dollars in lenders’ mortgage insurance due to a government guarantee. The government released 10,000 places in round one of the scheme in February 2020.

We have supported more than 500 homebuyers – both singles and couples – through the scheme and had over $244 million in loans approved and in progress by June 2020. We are now participating in the second round of the scheme.

Introducing a new generation of Australians to customer-owned banking and health insurance

We’ve placed a significant focus on building transactional and main banking relationships with our members this year, which in turn is helping us to build a stronger connection with younger generations of Australians.

The Everyday Snap transaction account – launched in September 2019 – was designed to offer the seamless banking experience and features the more technically-adept, globally-connected millennial generation expects. With no account keeping fees and incentives to use the account for international purchases, it has been successful in achieving a significant increase in transaction account balances over the past 12 months. Millennials account for half of the Snap accounts opened since its launch. We’ve also seen an increase in brand awareness, consideration and our Net Promoter Score among young adults.

Our award-winning Everyday Youth eSaver account also remains one of the most popular in the market for children and teenagers starting their savings journey.

We also saw strong growth in our health insurance business, defying industry trends. We issued about 6,500 new health policies during the year and saw substantial increases in those joining via digital channels, including younger customers. In line with the growth of this younger cohort, we provided around $350,000 in discounts to policy holders under the age of 30.

A winning game plan to reach new audiences

In July 2019, we extended our sponsorship of Queensland Cricket and the Brisbane Heat cricket team for another three years to 2022. This agreement sees CUA continue as the front of jersey sponsor for both the Brisbane Heat Big Bash League (BBL) and Women’s Big Bash League (WBBL) teams.

In the fifth and final year of our Community Champions program, we provided grants to grassroots cricket clubs to help with the maintenance and upgrades of club facilities, cricket pitches, nets and other activities.

The Brisbane Heat partnership also delivered a winning formula in digital marketing. In April 2020, the Heat was recognised by social media researchers as the most followed sporting club on social media in the Oceania region during the past three years, placing it in the same league as some of the world’s most popular sporting teams. The club’s strong online presence was mutually beneficial for CUA, with the partnership driving a peak in CUA’s social media engagement and audience growth over the cricket season.

During 2019, we extended our agreement with Carlton Football Club as their member partner for the 2020 season. While the AFL season was disrupted by COVID-19, we continued to work with the club to grow awareness of CUA and encourage Carlton FC members to consider CUA for their financial needs.