The boss of a community bank is bucking the digital trend by keeping cash alive for his customers and making sure staff are available to talk to them.
Ralph Steele, chairman and founding director of Bendigo Bank in Galston, in Sydney’s northwest, said he was guided by what his customers wanted.
“The bottom line of all this is that we are running out of a bank to serve our customers,” he said. 2GB Ben Fordham.
‘We are not there telling our customers how we are going to serve them. If they come with cash, we accept cash. If they come 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 founding director of Bendigo Bank in Galston, northwest Sydney, said he was guided by what his customers wanted.
Bendigo Bank in Galston (pictured) has given more than $3 million back to the community by sponsoring local schools, sports clubs, disability support, aged care and also a Careflight helicopter.
The bank, which has served the local community for more than 20 years, is doing so well that it is currently hiring for two teller positions.
“It’s actually an amazing little business,” Mr. Steele said.
‘We have around 280 shareholders who own the bank and they are doing very well. Last year we gave 17 cents on the dollar in fully franked and split shares.’
Steele’s customer-first approach is in direct contrast to larger banks that are moving toward digital-only payments and closing many of their branches.
Many major banks will no longer allow their customers to withdraw cash from many branches.
“This has been going on for so long,” Steele said.
The community bank program is based on a “profit with purpose” model, whereby profits are regularly returned to the local community (pictured: Mr. Steele and the bank’s contribution to the community over the years the years).
‘There are some nursing homes in our area and how can we force people in nursing homes to use a computer they don’t understand? Won’t that just be an opportunity for scams?
Bendigo Bank in Galston has given more than $3 million back to the community by sponsoring local schools, sports clubs, disability support, aged care and also a Careflight helicopter.
It was founded in March 2002 after a passer-by noticed that the then NAB Bank had a sign on its door that read: “We are relocating for your convenience.”
Steele said it was “the happiest bank in New South Wales”.
The community bank program is based on a “profit with purpose” model, whereby profits are regularly returned to the local community.
Since 1998, Bendigo community banks have reportedly returned more than $272 million to local communities.