Co-op Money NZ is proud to be the industry voice for co-operatively owned credit unions and mutual building societies in New Zealand.
A co-operative since 1948, Co-op Money NZ changed its name from the New Zealand Association of Credit Unions (NZACU) in 2014 to better reflect the modern, friendly nature of its members and the extensive range of financial services they provide.
These include a core banking system, card payments, IT, insurance, mobile banking, internet banking, compliance and advocacy services as well as providing ATMs and learning and development programmes for members.
“Our collaborative approach enables our customers to achieve economies of scale and provide the kind of operational efficiencies required to be successful in a highly competitive market,” says Chief Executive Henry Lynch.
“We’re proud to be a co-operative and we put people first,” says Henry, who has led the organisation since 2010 and has extensive experience in the banking and insurance sectors.
“Our byline is ‘we see your money differently’ and in walking the talk, our members take a refreshingly old-fashioned approach to thrift by offering, in most cases, free money management services, including debt consolidation, to members.
“Our members live and breathe the co-operative ethos, harnessing the collective power available to deliver benefits to their members/owners.
“With our Co-op Insurance NZ customers in mind, we pay out on 99% of all insurance claims. While our investigations weed out anything fraudulent, we take a positive view and look for ways to meet the claim.”
Indeed, insurance is one of the many innovative services offered by the co-op.
“We’re about to break new ground by offering a three-year fixed car insurance policy in which the initial $300 excess decreases by $100 annually. Customers can change their vehicles during the term of the policy and renegotiate their premium without financial penalty,” he says.
Fast turnaround technological advances introduced during recent years include a state-of-the-art AccessDebit card and an in-house AccessMobile innovation for banking through members’ smart phones.
“Innovation is part of our culture at Co-op Money NZ, including learning and development programmes for our members,” says Henry.
Significantly, MasterCard recently approved a Principle Licence for Co-op Money NZ which is unusual for non-banks and shows the sophistication of its operation.
“Co-ops are about people and our members are actively involved in supporting our communities through various programmes including helping out food banks, planting trees and sponsoring facilities,” Henry says.
- Co-op Money NZ’s members employ over 500 staff, represent approximately 200,000 members, with more than 95 branches, assets of over $1.5 billion and collectively is the sixth largest financial transactor by volume in New Zealand.
- Co-op Money NZ is a member of global trade association WOCCU, the World Council of Credit Unions, which represents over 200 million people in 101 countries across the globe.
- Co-op Money NZ is not only a proud member of Cooperative Business NZ, it is also the organisation’s landlord – sharing offices in Newmarket – while Co-op Money’s Chief Operating Officer Jonathan Lee is the current Chair of Cooperative Business NZ.