Banking and Financial Indigenous Conference
Services
for
First Nation Australian Credit Union experience in delivering Financial Services to Indigenous People
First Nations Australian Credit Union is an Aboriginal initiative to create a Credit Union with national access that is owned and operated by indigenous people. The First Nations vision statement is to "assist members to take better control of their finances and economic futures". It is part of the broader goal of self-determination and financial independence for our members. First Nations is currently a division of the Australian National Credit Union but, once certain thresholds including members, assets, profitability, reserves and legislative requirements have been achieved, the intention is that First Nations will separate from Australian National Credit Union.
First Nations Australian Credit Union was established in 1999 with support from Australian National Credit Union both technically and financially together with seed funding from ATSIC. First Nations is governed by a Committee that comprises 7 Indigenous members and 2 Directors from the Australian National Credit Union Board. First Nations is committed to employing and training Indigenous people
wherever possible.
First Nations Australian Credit Union, set up three years ago, nationally, provides Aboriginals and Torres Strait Islanders, with access to culturally appropriate financial solutions. First Nations operates in all states and it offers a full range of financial products and services including savings and transaction accounts, ATM cards, cheques, loans personal and mortgage, budget accounts, insurance and financial planning. Specific products include a unique loans policy, Clan Account, Budget Account and My Moola Indigenous guide to budgeting with brochures in all Giropost Post Offices.
First Nations is making its services and products as accessible as possible to Indigenous Australians as well as addressing issues such as literacy, the location of many Indigenous communities in remote and rural areas, as well as the different cultures that exist amongst different Clan groups. These issues all need to be taken into consideration to effectively access and service a diverse range of needs and expectations.
Rather than pursuing a typical branching structure, First Nations utilises the giroPOST networks as well as ATMs, EFTPOS, B-Pay, cheques telephone and Internet banking. This means that they are able to provide services to the widest possible range of Indigenous communities.
First Nations have found that word of mouth and face to face are the strongest and most effective mechanism for communicating messages to Indigenous people. However this is not always easy to achieve. This has meant building knowledge amongst local people to act as advocates in different Indigenous communities has been essential for the success of First Nations. Indigenous people like to be able to connect organizations or businesses with faces or names, so being able to offer personal contacts has been vital to this financial institution. Community advocates and people who are happily utilising the Credit Union’s services have been able to fulfil this role. Many of the First Nations staff, who are predominantly indigenous, have also visited communities throughout Australia at their invitation promoting the credit union.
First Nations have a 1300 telephone number that people can call to speak to an Indigenous staff member about financial matters. Member access is available via a National call centre, free 24 hour telephone / internet banking, Giropost, all ATMs and EFTPOS terminals, direct credit, direct debit, BPay, cheques, Australian National Credit Union / First Nations branches. Free access includes no account keeping fees, no minimum monthly balance fees, deposits are free, Telephone / Internet banking is free, direct debit and credit are also fee free and free BPay.
First Nations have also found that printed material can be an effective mechanism for communicating information about their organisation. First Nations, in consultation with (Streetwize) developed a colourful comic-style brochure called My Moola, aimed at providing Indigenous people information about budgeting. The next edition of My Moola will address Saving. First Nations also regularly advertise in the Koori Mail, National Indigenous Times and other publications where appropriate.
The Credit Union has re-launched the First Nations brand in late March with the help of well known identities Cathy Freeman and Kyle Van Der Kuyp. The aim of the relaunch is to heighten an awareness of First Nations with Governments, Corporations, the Aboriginal Community/ Organisations and Leaders.
The benefits for Individuals and organizations are;
Cultural respect and understanding Better service Dealing with Indigenous people (wherever possible) Equal or better interest rates and fees allows more money for savings /spending Learn to save and budget Ownership and control
What does the future hold?
First Nations presence in Communities for both organisations and individuals Rural and remote Banking ( in communities) National Staffing (progressing)
Some facts about First Nations Australian Credit Union:
First Nations is the only organisation of its kind, serving members nationwide First Nations was established in 1999 and has total assets of $13.9 million, $13.6 million in deposits and $5.8 million in loans and overdrafts
The organisation already has 2,900 members living in areas including Broome, Torres Straits, Port Augustus, Alice Springs, Fitzroy Crossing,
Lockhart River, Cairns, Perth and Victoria Many non-indigenous Australians have also become members of First Nations, showing their support for racial harmony; wherever possible Aboriginals are placed in staff positions First Nations is associated with Australian National Credit Union, whose staff undertake Aboriginal Cultural Awareness Training
Paul Briggs
Chair First Nations Australian Credit Union Committee