As Australia’s largest customer-owned bank, Heritage Bank (Heritage) has helped strengthen communities since 1875. Whether it’s through great customer service, financial products or support at community events, everything they do is underpinned by their People first philosophy. It’s not only an attitude but a service-based philosophy that defines the way Heritage does business.
By being member-focused, Heritage assists people at every stage of their life to improve their financial wellbeing and to achieve their dreams and aspirations. Heritage uses its profits to help deliver great rates, great services and great products to its members, not to pay big dividends to investors.
Heritage employs over 800 people across Australia, with its Head Office located in the regional city of Toowoomba, Queensland. The bank aims to continue member growth in order to improve the financial wellbeing of even more Australians. Heritage’s core business is in retail banking and mortgage lending.
Heritage is committed to the journey of digital transformation from a physical bank with a digital presence, to a digital bank with a physical presence. This transformation is necessary to enable digital capabilities to continue to meet member needs in a rapidly changing environment so Australia-wide members can experience legendary service.
Continually improving delivery mechanisms is a core focus of the strategic plan. Since introducing Google Pay and completing the rollout of near real-time payments via the New Payments Platform last year, Heritage has continued to expand its range of digital banking services through Samsung Pay, Fitbit PayTM and Garmin PayTM. In 2019, Heritage commenced its interstate distribution strategy by opening two Heritage branches in New South Wales, the first outside its home state of Queensland, and introduced a new mobile lending service throughout Western Sydney.
Heritage offers a variety of banking products, including: transactional and savings accounts; personal, car and home loans; credit cards, and; commercial banking. To fully protect and improve the financial wellbeing of members, Heritage has many alliances to provide insurances, international products, financial planning and wealth protection, with partners including Allianz, Western Union, Bridges and Cash Passport.
Heritage has been putting People first for more than 145 years. In 2018/19 financial year, Heritage allocated $2 million in seed funding to establish Heritage Bank Charitable Foundation, with a further $500,000 contributed in 2019/20 financial year. The Foundation provides funding to not-for-profit organisations and community groups for projects aimed at building and improving community wellbeing and life outcomes for people, including disadvantaged and at-risk families, elderly persons and young people, particularly in relation to education, cultural, health, social and financial wellbeing. The Heritage Bank Charitable Foundation will embody the ‘people first’ philosophy and make a positive contribution to the community.
Heritage’s community focus continues each year through corporate sponsorship of major events and grants to community groups via its Community Branches. The Heritage community banking model means profits of those seven community branches are distributed back into the community to support charities, sporting clubs and other local organisations. The more the community uses the branch, the greater the profit and the more the community prospers. Over $47 million has been invested back into local communities since the first opened in 1999. This figure includes community grants, sponsorships, wages, rent and payment for other services.
Heritage is making banking a force for good, the vision is “passionate about helping people” and the mission sets the standard for all staff to “delivering a great member experience every time”. Being passionate about helping people is not just a friendly attitude, but a service based philosophy that defines the way Heritage does business. By being member focused, Heritage can assist people at every stage of their life to improve their financial wellbeing and achieve their goals. Heritage staff take immense pride in giving members the best banking experience they possibly can, consistently, every time. Heritage recognises the need to deliver a fantastic experience every time to outshine competitors.