BankWAW Media Release
From Wednesday 23 March 2022, WAW Credit Union will begin trading as BankWAW.
This brand evolution marks the next step for WAW, whose Board and Management team embarked on the rebranding project after extensive research showed that people were often unclear about what a Credit Union does. This work emphasised the importance of modernising their presence in the market to remain relevant across a broad demographic.
CEO Michael Mack said, “The organisation will continue to be 100% customer-owned, run by the same local people, delivering great customer service, and supporting our regional communities. These changes to our brand reflect the products we offer but do not alter our legal or operating structure. Our values and approach to running the business will also remain unchanged.”
Research conducted by the sector over many years has consistently found that there is a lack of understanding about what a Credit Union is, and what services they offer. This issue has only increased in prominence as the majority of the Credit Union/Building Society sector has added the word ‘bank’ into their brands. Incorporating the word ‘bank’ into the trading name is therefore a significant step forward in the customer-owned banking journey, as it is important that people clearly understand the products and services being offered.
The new brand and trading name retain 'WAW’ which stands for Wangaratta Albury Wodonga, as their geographic footprint and community focus remains a key strength.
"We will continue to reinvest at least 5% of annual profits directly back into our community through sponsorships, donations and innovative programs such as our Banking on Trees program that instigate positive social impacts,” said Michael Mack.
WAW is proudly owned by its customers, and this move only reinforces their strength and position in the financial services industry as they continue to effectively adapt and evolve in a competitive banking environment.
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