NZCU Employees Helping Hand

NZCU News

NZCU Employees Helping Hand

Having spent much of his working life across the globe in Australia, NZ where he studied, and the UK, NZCU Employees board member Sam Maw gained an interest in how credit unions were run.

“I worked for Shell Oil International with global roles based in London before coming back to work in New Zealand for Fletchers (now WSP Opus),” he recalls.

“It was through Fletchers that I heard about its credit union for employees. I’d had never been involved and didn’t know much about them.

“But I liked how they strived to serve their membership, especially as those members are shareholders.

“We’ve positioned the credit union so its members are the ones that benefit. They also get a more personal service and they’re not paying for expensive executive bankers’ salaries or real estate.”

Sam says NZCU Employees continues to modernise and improve its services by implementing first-tier banking software solutions.

“We’ve made a large software investment that will benefit the members through increased services. People will not necessarily be able to notice the changes, but it will definitely provide a more robust and reliable back-end service,” says Sam, who adds they’ll continue to refine its product offerings, ensuring they’re wanted and needed, and that NZCU Employees continues to meet its profitability and budget requirements.

NZCU Employees’ members will always remain the No 1 focus.  Sam urges any of them who may strike financial challenges and need support to contact them immediately.

“Before you try to bury your head in the sand, talk to us.  We know all of you on a personal basis and we encourage you to contact us if you need a hand.”

A report released by The Australian Banking Royal Commission at the beginning of February (the major New Zealand-based banks are owned by Australian banks) called for tougher regulation on banks and more scrutiny of pay among the 76 recommendations to overhaul the industry.

Sam has a strong interest in how financial transactions are handled across the globe.

“I’ve been to a few places across the world, including Africa and parts of Eastern Europe, where proper banking systems are really hard to come by, especially if that country is state-controlled,” he says.

“In many countries you need permission to be allowed to have a bank account, so it’s hard to establish a credit rating. Many countries still operate mainly as cash societies.

“Thankfully, we don’t have that problem here in New Zealand, but the Australian Banking Royal Commission revealed instances of big profit margins and massive overselling of products which weren’t really needed.

“That’s the key difference between them and us at NZCU Employees, where we’ll continue to refine what we offer for the benefit of our members.”