International Credit Union Day is a time to celebrate the unique philosophy that drives member-owned financial institutions across the globe. Unlike shareholder-owned corporations driven by profit margins and external shareholders, mutual organisations exist solely to serve the people who bank, insure, and invest with them.
For years, The Capricornian Bank has enjoyed a successful partnership with fellow mutual Westfund Health Insurance, sharing a branch in Queensland’s Emerald to better serve their collective members.
Last week, the mutuals marked another milestone with the opening of a second branch together, this time in Mackay.
“We have a really good mutual relationship with Westfund that enables us to co-locate in places like Mackay and Emerald to deliver services to communities. Mutuals working together is something that I continue to foresee,” The Capricornian Bank Chief Customer Officer Justin Stewart explained.
This collaborative spirit highlights the advantage of the mutual model, where cooperation takes precedence over corporate competition.
“For The Capricornian Bank, it’s all about our members – making sure our products and services cater to what they need and ensuring we are here to serve the community that supports us,” Justin added.
Westfund CEO Mark Genovese echoed this sentiment regarding the enduring strength of the cooperative framework.
“The mutual model is a big advantage. It’s about sharing the resources we have, so that everyone benefits. And it’s a model that works, as demonstrated by our long history – we have been around for 140 years,” Westfund CEO Mark Genovese said.
Building on this legacy of collaboration, both organisations continue to look outward for new ways to deliver for the people and communities they serve.
Looking ahead, The Capricornian Bank continues to explore opportunities to partner with additional community organisations, including local chambers of commerce, education providers, and community support groups, Justin added.
“Partnering with these organisations will offer us additional areas to run workshops, financial wellbeing sessions, and joint community events. These relationships help us stay connected to the region, support local initiatives, and position our branches as active community partners,” Justin added.
Since 1959, The Capricornian Bank has supported the people of Central Queensland with personal service, great value, and deep community connection.