The boss of a community bank is bucking the digital trend by keeping cash alive for his customers and making sure there are staff on hand to talk to them.
Ralph Steele, chairman and founder and director of Bendigo Bank in Galston in Sydney’s northwest, said he was guided by what his customers wanted.
“The bottom line is that we are running out of banks to serve our customers,” he said Ben Fordham from 2GB.
‘We don’t tell our customers how we are going to serve them. If they come in with cash, we take cash. If they come in looking for cash, we give them cash.
“If they come looking for the manager, he’ll be there.”
Ralph Steele (pictured, third from right), chairman and founder of Bendigo Bank in Galston in Sydney’s northwest, said he was guided by what his customers wanted
Bendigo Bank in Galston (pictured) has given back more than $3 million to the community by sponsoring local schools, sports clubs, disability services, aged care and also a Careflight helicopter
The bank, which has been serving the local community for over twenty years, is doing so well that it is currently hiring two teller staff.
“It’s actually an incredibly small company,” Mr Steele said.
“We have about 280 shareholders who own the bank and they are doing very well. Last year we gave 17 cents per dollar share, distributed fully postage.”
Mr Steele’s customer-centric approach is in stark contrast to the larger banks who are all moving towards digital-only payments and are closing many of their branches.
Many major banks will no longer allow customers to withdraw cash at many branches.
“This has been going on for so long,” Mr. Steele said.
The community banking program is based on a ‘profit-with-purpose’ model, with profits regularly returned to the local community (photo: Mr Steele and the bank’s contribution to the community over the years)
“There are a few retirement homes in our area and how can we force people in retirement homes to go to a computer they don’t understand. Isn’t that just an opening for a scam?’
Bendigo Bank in Galston has given back more than $3 million to the community by sponsoring local schools, sports clubs, disability services, aged care and also a Careflight helicopter.
It was established in March 2002 after a passerby noticed that the then NAB bank had a sign on the door saying ‘we are moving for your convenience’.
Mr Steele said it was the “happiest bank in NSW”.
The community banking program is based on a profit-with-purpose model, with profits regularly returned to the local community.
Since 1998, Bendigo Community Banks have reportedly returned more than $272 million to local communities.