When Police Credit Union (PCU) was developing and implementing its long-term strategic plan in 2000, the company realised that its core differentiator and competitive advantage was its dedication and commitment to its customers. As the company has thrived over the years, this difference has remained at the core of its success and purpose.
A man who played a part in developing this strategy and implementing it was Costa Anastasiou, who joined the company in 2002 and became CEO and company secretary in July 2007. As part of PCU's strategic plan, Costa and his team established a set of clear corporate values based on service, honesty, integrity, and financial prudence, which were intrinsically intertwined with their core focus on customer service.
These were aligned and balanced with a set of five key metrics that have been adopted and maintained to this day. Costa says that, naturally, one of the key metrics had to focus on the member. "We always talk about member relationships because we believe its a two-way measure, as in how effectively we can satisfy the customer in terms of the customer experience, and, at the same time, how effectively we can impart products and services as part of the engagement. The metric of member relationships is centred on service excellence, brand leverage, product penetration, and the effectiveness of channel access."