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SERVICE ONE has long believed in putting members before profit, but when increased regulatory requirements started to shift its focus away from this ideology, it knew something had to change. In 2015, SERVICE ONE and three other former credit unions became the founding partners of the Alliance Bank model. An alliance with Bendigo and Adelaide Bank handed over the responsibility for these regulatory requirements, allowing the newly formed Alliance Banks to concentrate on member needs and impact investing.
These Alliance Banks call this Do Good banking, as it allows them to Do Good by their members and communities. As a mutual organisation – and a social enterprise – SERVICE ONE’s sole focus is to enhance the lives of its members and those in the broader community. It does this in two key ways:
What does it mean to be a member of SERVICE ONE? As SERVICE ONE is a mutual bank, you need to become a member before you can access any of its products. When you become a member, you complete a membership application and buy a $10 share, which is refundable if you choose to close your membership in the future. Then, as a member, you can take advantage of the following benefits:
Priding itself on its remarkable levels of service, SERVICE ONE always puts members first. Going that little bit further and doing that little big more, it aims to Do Good by its members. The foundation of this approach is built upon seven key promises the bank aims to uphold at all times.
SERVICE ONE will treat you as an individual. This means always calling you by your name, treating you in a friendly, respectful manner, with no financial jargon getting in the way.
SERVICE ONE will give you choice in how you interact with the bank, giving you prompt attention always. This means providing services that are available seven days a week, and answering your communications promptly no matter the channel.
SERVICE ONE will have meaningful discussions with you to add value to your life. This means giving you honest feedback on the best options for you, guiding you through the solutions it can provide, and adopting an approach of helping you, not selling to you.
SERVICE ONE will provide you with informed assistance and follow-up to resolve any issues. This means ensuring all staff you deal with are highly trained and empowered to resolve any issues you may encounter, and to keep you up-to-date with progress of any unresolved issues.
SERVICE ONE will be honest at all times. This means advising you of any errors, not misleading you, and making sure documents are clear and understandable.
SERVICE ONE will offer you products and services that are more than just competitive. This means reviewing the competitiveness of loan and deposit rates regularly.
SERVICE ONE will listen and improve. This means inviting all members to participate in an annual survey, acknowledging any feedback requiring follow-up, and using this feedback to constantly improve the service it offers.
If you like the sound of what SERVICE ONE can offer you, why not take a closer look at the bank’s credit card offering. Its no frills Visa Credit Card offers a low rate, a low annual fee and up to 55 days interest free on purchases. To find out more about what the card has to offer, and whether or not it may suit you, check out the card’s page for the lowdown and our handy review.
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