Customer-owned banks are built on a people-first philosophy that begins with their own teams. Prioritising employees creates a culture of care that directly translates into better service and outcomes for every member. This investment in their people is why customer-owned banks consistently outshine the major banks in customer satisfaction ratings.
Amid an intensifying war for talent across the broader banking sector, can the mutual difference give customer-owned banks a competitive edge when it comes to attracting talent?
The answer is an unequivocal yes from NGM Group Chief People and Workplace Officer Gayle Piek and BankVic Chief People & Culture Officer Michelle Arundel, who both argue the sector provides a compelling alternative for those seeking purpose-driven work.
In this week’s feature article, they unpack the customer-owned banking difference, how a sense of shared purpose translates as a real alternative to the major banks, and the values alignment that attracts – and keeps – the talented individuals that shape our sector.
BankVic
Established over 50 years ago, BankVic is a certified B Corp bank serving a member base of police, health, and emergency services. It employs 180 staff across its presence in Victoria.
An alignment to supporting this member base, serving people who serve the community, is a powerful and deeply personal connection that comes up in candidate conversations, according to BankVic Chief People & Culture Officer, Michelle Arundel.
“One theme consistently stands out: people want to feel the impact and outcomes of their roles. A growing number of applicants are explicitly motivated by purpose. They are tired of the ‘big bank culture’. Those coming from large institutions in particular often say they are tired of siloed environments and want broader exposure across the business, in particular the ability to learn, contribute, and influence meaningful outcomes,” she observes.
Candidates want a sense of being part of something bigger, contributing a social purpose rather than shareholder returns.
“Employees at BankVic genuinely feel proud we offer a real alternative to the major banks. That shared mission is reinforced through: keeping members at the centre of decision-making; storytelling that connects their work to community impact; the knowledge that our members are essential workers, first responders, and health professionals; and clear alignment between organisational values and action,” she says.
NGM Group
NGM Group has a proud history serving regional communities, today employing over 1,600 people under the brands Greater Bank and Newcastle Permanent in NSW and QLD.
Reflecting on what attracts people to the sector, NGM Group’s Chief People and Workplace Officer, Gayle Piek, highlights purpose, values-alignment, and recognition as key factors influencing career choices today.
“In our experience, many people are actively seeking purpose-led careers and want to work in organisations with strong values and a clear connection to community. These themes consistently come through in candidate conversations. We know candidates value being with an employer where their contribution is visible,” she says.
The opportunity to be part of large-scale initiatives is another key driver for talent, Piek adds, as the sector continues to invest in technology, cyber security, data maturity, and customer experience.
All this comes together with a strong sense of shared purpose across the organisation, with employees noting the role the customer-owned banking sector plays in offering a genuine alternative to shareholder-owned banks.
Piek observes: “We keep that connection alive through transparency, leadership behaviours and clear communication around strategy and change – helping people see how their work links to customer and community outcomes.”
For NGM Group’s people, this means being a tangible part of the work on the ground, whether that’s on the beach supporting Nippers, serving meals at Ronald McDonald House, or its free Cinema Under the Stars community events.
Plus, with customer-owned banks’ strong presence in regional Australia (with more than 8 out of 10 head offices located outside Sydney, and the sector collectively employing over 12,000 team members), access to professional development pathways is especially valued as staff seek to advance their careers while remaining in their communities.
NGM Group supports this with a focus on bringing in early talent, which in turn brings outside in thinking to the organisation and bolsters the organisations’ connection to its people and community, acknowledging the University of Newcastle as a vital partner.
Piek elaborates: “Aligned to our broader employee value proposition strategy, we’ve focused on building early-career pathways locally through career-ready placements, cadetship programs and established graduate pathways.
“It allows us to attract emerging talent to the organisation, build capability over time, and give people the opportunity to start and grow their careers in the regions.”
Finding talent in the sector
Customer-owned banks offer purpose-focused career paths across various fields, with many candidates making the move from the Big Four banks (many actively seeking a cultural shift), adjacent financial services sectors like superannuation and insurance, and some non-banking industries, particularly for member-facing roles.
“Because our brand presence doesn’t match the marketing power of larger banks, telling our story can be a challenge. The people who find us often do so deliberately, because they want something different,” Arundel observes.
She believes those who step into mutuals tend to come with strong intrinsic motivation, and part of BankVic’s screening process remains a mutual-values alignment.
“We 100% screen for this, and cultural fit carries more weight than technical capability,” she says.
NGM’s Piek agrees that technical capability, while an important factor of the screening process, is only one part of what drives long-term candidate performance.
“We place strong emphasis on behaviours, values alignment and mindset – how people collaborate, adapt and make decisions matters,” she says.
“We’re clear about NGM Group’s values from the outset, include values-based and behavioural questions through our selection process, and assess attributes such as adaptability, service excellence, collaboration and outcomes focussed leadership.”
The customer-owned banking difference
Research indicates staff in the mutual sector demonstrate strong employee satisfaction, with an average tenure of 7.5 years. This is compared to the national average of 3 years 4 months.
Piek sees a “clear link” between the sector’s significant staff tenure and how this relates to high employee satisfaction and customer satisfaction scores.
“We see employee experience, customer experience and community impact as closely connected. Our employee engagement score reflects strong engagement, and when people feel supported, confident in leadership and clear on direction, that shows up directly in how they serve customers and support their communities,” she explains.
“Longer tenure also brings continuity, deeper organisational knowledge and stronger relationships with customers and communities. People who stay build genuine understanding of the areas they serve, which supports consistency and trust over time.”
Arundel echoes the sentiment, noting that people join because they want to contribute to something bigger, and stay because they can see how their work matters, every day.
When people truly enjoy their workplace and are aligned with its purpose, it becomes evident in their work. In turn, employees recognise this authenticity and respond with lasting loyalty.
“BankVic offers something that is increasingly rare: purpose, impact, community connection, and meaningful work. Many candidates, especially those coming from the Big Four and large financial institutions, are seeking environments where they can actually learn banking, not just manage a narrow slice of it,” she says.
The ability to make decisions faster, see results sooner, and feel personally connected to outcomes is another major drawcard.
“BankVic attracts people who want purpose over prestige, community over competition, and impact over ego. When people discover who we are and what we stand for, they don’t just join us, they stay,” Arundel adds.
With long staff tenure reflecting and reinforcing the trust placed in the employer, it’s clear the customer-owned banking sector punches well above its weight in supporting its people and its communities.