Co-operative Bank

Office address: 10 Waterloo Quay, Wellington, Wellington 6011
Website: www.co-operativebank.co.nz
Year established: 1928
Company type: financial services
Employees: 400+
Expertise: banking, debit and credit cards, general insurance, term deposits, transactional accounts, KiwiSaver, savings accounts, personal loans, home loans
Parent company: N/A
Key people: Mark Wilkshire (CE), Bevan Miller (CFO), Geoff Waller (chief customer officer), Fiona Murphy (chief technology officer), Catherine Bateman (chief marketing officer), Sarah Able (chief people and culture officer), Jon Armour (chief product officer)
Financing status: N/A

The Co-operative Bank is a co-operative in Wellington, offering retail banking and personal financial services with a mission to help New Zealanders bank better. Wholly owned by customers who can receive profit rebates annually, it employs over 400 staff members and serves 181,000 customers nationwide. The bank achieved a profit of $20.2 million before rebates and tax and distributed $2.5 million in customer rebates for the fiscal year ending 31 March 2024.

History of The Co-operative Bank

The Co-operative Bank was originally established in 1928 as the Public Service Investment Society. When other financial institutions were hesitant to provide loans to public servants, the company were the ones to provide financial support. The bank was registered under the Companies Act in 1993 and the Co-operative Companies Act in 1996, later being renamed PSIS in 1998.

In 2011, it transitioned into a registered bank and adopted the name The Co-operative Bank. It became a B Corp member in 2021, which means that it meets high social and environmental standards, balancing purpose with profit. In 2022, the bank gained about $3.33 billion in total assets.

Products and Services of The Co-operative Bank

The Co-operative Bank offers a wide range of mortgage-related products and services. Key offerings include:

• first home loan: specialised loans for first-time home buyers, offering competitive rates and low deposit options
• switching home loan: simplified process for switching existing home loans to The Co-operative Bank
• managing your loan: tools and services to help manage and optimise existing home loans
• savings accounts: accounts designed to help customers save for future goals
• term deposits: fixed-term investments with competitive interest rates
• debit and credit cards: payment cards for everyday use and managing finances
• KiwiSaver: retirement savings plans offered in partnership with Fisher Funds
• general insurance: products are in partnership with IAG, covering home, vehicles, and contents

Culture at The Co-operative Bank

The Co-operative Bank offers a dynamic and engaging environment where employees are encouraged to innovate and share ideas. The company fosters a collaborative atmosphere with a focus on professional growth and development. In return for their dedication, employees receive various benefits:

• career development opportunities
• well-being leave and supportive sick leave
• long service leave and increased annual leave with tenure
• employee assistance program
• life and critical illness insurance
• flu jab reimbursement
• wellbeing programs
• access to banking services at discounted rates

The Co-operative Bank commits to upholding high social and environmental standards, integrating these principles into their business operations. Their dedication is evident in the various initiatives they undertake to contribute positively to both society and the environment. These include:

• carbon neutrality: achieved net carbon zero certification from Toitū Envirocare
• renewable energy: supports and invests in certified renewable energy projects
• waste reduction: implements comprehensive recycling programs to minimise waste
• community support: actively participates in charitable activities and community support programs
• diversity and inclusion: established a formal diversity and inclusion program with metrics and priorities, including a Te Ao Māori plan
• environmental responsibility: committed to science-aligned targets for reducing carbon emissions and supported 100% certified renewable electricity

The Co-operative Bank demonstrates a dedication to diversity and inclusion as part of its core values and strategic objectives. The bank prioritises ethical investments, ensuring that their financial activities align with high ethical standards and contribute positively to society. These aim to foster an inclusive environment where all employees feel valued and supported, including:

• diversity and inclusion program: formal program with defined metrics and priorities
• Te Ao Māori plan: incorporation of Te Ao Māori practices and education
• Te Reo Māori classes: 69 staff completed the initial 12-week Level 1 course
• unconscious bias training: training for all leaders to promote fair decision-making
• diverse workforce: commitment to reflecting Aotearoa New Zealand’s population
• inclusive environment: ensuring a sense of belonging for all employees

About The Co-operative Bank CE Mark Wilkshire and Key People

Mark Wilkshire has served as the chief executive of The Co-operative Bank since 2022. Prior to joining the bank, Wilkshire was an EGM at Suncorp Group, chief marketing officer at Kiwibank, and GM for ANZ National Bank. He holds an MBA from Massey University and a BA (Hons) in psychology from the University of Otago.

Supporting the bank's operations are several key leaders who play important roles in driving its business. These include:

• Bevan Miller, CFO, oversees the bank's financial management and strategy
• Geoff Waller, as chief customer officer, focuses on enhancing customer experience and satisfaction
• Fiona Murphy, as chief technology officer, leads the bank's technology initiatives and infrastructure
• Catherine Bateman, serving as chief marketing officer, manages marketing and brand strategy
• Sarah Able, chief people and culture officer, is responsible for HR, employee engagement, and workplace culture
• Jon Armour, as chief product officer, drives product development and innovation

The Future at The Co-operative Bank

The Co-operative Bank continues to enhance customer experience and modernise its core banking system through strategic investments. As part of this effort, the bank reported a $20.2 million profit before rebates and tax for FY ending 31 March 2024, showcasing stability. This profitability enables the bank to reinvest in technology and customer service enhancements, ensuring better service and long-term success.

The Co-operative Bank's 2024 recognition for outstanding customer satisfaction highlights its commitment to excellent service. This award will help strengthen the bank's reputation by attracting and retaining customers. Moving forward, the company will also focus on projects that will streamline efficiency in its customer service, particularly in their personal financial needs.