Why Bank First?
It’s an excellent question, we’re glad you asked!
Why is this Bank First company even talking to me? Why should I listen?
We get it. Banks haven’t had a good reputation of late, and with reason. The Royal Commission has exposed all kinds of issues from lending practices to insurance policies, and customers are wary.
Pillars of the Community
The practice of banking in its simplest form (taking deposits and loaning money) are as old as money itself, and can be traced back to Ancient Greece and Rome. Banks were seen as a stable, trusted part of a community. If you needed an official document witnessed, a banker was top of the list of trusted authorities.
So what happened?
Simply put, banks got bigger. Customers became numbers, and their value was aligned to their monetary value to the bank.
Back in 1972, a group of teachers in Victoria were frustrated with the way people were being treated by the big banks, and started their own by each contributing $10, that was then stored in a shoebox. They pooled the money, and made their first loan to a single mother who needed help with a deposit for a rental property.
The idea was to create a better banking experience, with people who understood that it wasn’t about the dollar figure you earned, but also your contribution to the community.
Customers at the helm
We are owned by our customers, and everyone has a say in how we operate. In 2017, we had a 96% Customer Satisfaction rating, based on our internal monthly surveys.
The future is bright
Since those humble beginnings, we have grown to serve more of the people who build our communities.
But the most important things remain the same. We’re owned by our customers, and keep them at the focus of everything we do. We don’t make profits for external shareholders, the money goes back into supporting the communities we serve and providing a better experience.
Why? Why Not?