A comprehensive, innovative rebranding process will see SGE Credit Union transform its brand and image in the financial services sector. The CEO Magazine spoke to Dave Taylor, CEO of SGE Credit Union, about the company’s transformation and its key relationships with its staff and partners.
Our aim is to develop a brand that’s more accessible to a younger audience, while at the same time emphasising the benefits of our mutual banking model. Credit unions and mutuals are different because they’re owned by their members.
There’s a very proud history behind credit unions, and the people who use them love them. Unfortunately, in research we’ve found that many people dont know what a credit union is or what it does. For years, the credit union sector has struggled with this dilemma. It was only two years ago that former treasurer Wayne Swan changed legislation so that credit unions and mutuals could use the word bankwe weren’t allowed to before.
Our decision to rebrand as a mutual bank was made around eight months ago after several of the larger credit unions had chosen that same path. There’s no doubt that the term bank is better understood than the term credit union, but our challenge is to re-position ourselves as a different sort of bank one that is owned by its customers and operates solely for their benefit.