Top 100 CEO Interviews
Issue No. 37 - October/November 2007
Credit union puts people power first
Powerstate Credit Union, one of the proud sponsors of Adelaide’s unique Credit Union Christmas Pageant, is moving up in the world.
A year of planning recently culminated in a move that saw Powerstate shift to a new head office and Adelaide branch.
In a prime CBD site at 115 Grenfell Street, across the road from the historic Adelaide Arcade, the Powerstate flagship offers members easy access and many car parking options.
Bright, fresh and contemporary, the branch reflects Powerstate’s new branding - and embodies Powerstate’s ‘People First’ credo that emphasises making life as easy as possible for its members. Survey results show the strategy is working, says CEO Colin Butterick.
“Powerstate’s ‘People First’ approach is always to grow, develop and innovate to our members’ benefit,” Colin says.
“A recent independent survey showed an outstanding 97% overall satisfaction rating, with our call centre achieving a 99% satisfaction rating and our branch network receiving a 98% rating in terms of assistance and value provided to members.”
As well as joining our Top 100 company index for the first time, Powerstate was rated in the Top 10 credit unions in Australia by Money magazine and attained a record operating profit for the year of $1.8m with reported profit of $2.21m representing a return on assets of .87%.
“Our profits are invested back into the credit union to ensure our members continue to receive the best value products and service possible,” Colin says.
Powerstate’s high level of capital adequacy of 17.5% is well above the minimum legislative requirements and its one-year, fixed-rate home loan has again been awarded a five-star rating from industry monitor, Cannex.
“We introduced an Internet Savings account, iPlus, which provides members with a high rate of interest while providing at call access to their funds,” Colin says.
A new relation...
