North East and Frontiers Financial Institution WAW Changes Name, Logo and Colors | border mail

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WAW Credit Union has become BankWAW and its green brand is also changing as part of a makeover that will cost up to $500,000. The new business name launched Wednesday with a fresh logo and colors that featured on transaction forms, brochures, posters and apparel for 85 employees. Chief executive Michael Mack said the change lasted two years, with consumer uncertainty about credit union provisions a driving factor. “Research has shown that people understand less and less about what products a credit union offers and how a credit union works, even though we have a banking license,” Mack said. IN OTHER NEWS: Border residents feel pinch with housing stress levels through the roof Cyclists pedal past $62,000 in 24-hour fundraiser for cancer center’ More V/Line services are needed on the Northeast Line” “So bringing the word ‘bank’ into the logo is a really important way to show people what we do, more than who we are.” WAW, which had a ‘Smart Banking’ label, follows fellow border lender Hume Building Society which became Hume Bank in 2014. However, changes made by the Australian Prudential Regulation Authority in 2018 mean WAW has not had to hold more than $50 million in base capital or undertake a membership vote like Hume did to effect change. “We’re still owned by our customers, we’re still a credit union, but we’ve incorporated the word ‘bank’ to show people what we do, rather than change who we are,” Mack said, noting that his organization has always had a banking license. The change will see green, which has been part of the WAW image since 1980, dropped in favor of the colors coral, ocean slate and white. Mr. Mack said the new shades were chosen because they were unique in its industry and would stand out. An estimated $400,000 to $500,000 will be spent on rebadging, with signage at branches changing in six to eight weeks. WAW board chair Fiona Shanks said the timing of the change was designed to minimize waste. “We’ve made a very conscious decision to be very sustainable in our rollout, so we’ve let the stocks run out, we’ve thought about that carefully and are very respectful of the financial impacts, so we’ve committed to doing that on a phased state rather than a rapid and full roll-out which is expensive,” Ms. Shanks said. Asked about the fate of the 13 branches that serve 25,000 customers, Mr. Mack said their operations would be reviewed as electronic transactions become more difficult. He said more members had joined the Lavington branch after major banks closed outlets in the area and being the only full-time financial institution in Corryong had also boosted clientele in Upper Murray.The WAW stands for Wangaratta, Albury, Wodonga, reflecting its area and the names of the former credit unions from which it amalgamated. Journalists work hard to provide local, up-to-date news to the community. Here’s how you can continue to access our trusted content:


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