Celebrating 60 Years of Qudos Bank
Friday, 1 November 2019
This year marks 60 years of providing rewarding banking to our customers.
As we celebrate this milestone we’ve reflected on our heritage and our establishment. Originally founded as Qantas Staff Co-operative Credit Union Limited, we began operations on November 1, 1959.
Within the first 8 months we had 277 members and £8,168 in assets under management. Today, we have over $4 billion in assets under management, and a membership base of more than 97,000 people across Australia.
Our very first member who signed up to join the credit union is still a loyal customer to this day. Sylvia Edgar was a typist in the Qantas Airways finance department’s typing pool and had heard great things about the new credit union opening. She was so eager to sign up that she went in a day early and opened her account with 300 pounds.
After only 10 years of operations, 50% of Qantas’ employees had joined and membership was growing at 100 per month. By 1980, 90% of all Qantas' Australian based employees were members and just two years later the credit union was forced to suspend acceptance of loan applications due to high demand. In 1983, Qantas Staff Credit Union became the biggest Credit Union in Australia when our total assets passed $100 million.
Another Australian first came soon after in November 1985 with Qantas Staff Credit Union’s launch of a telephone banking service called CUTIE. This revolutionary system changed the way customers could do their banking. “We were ahead of our time back then, especially with phone banking. It gave members the freedom to order cheques, check their account balance and order a personal loan without having to come into a branch.”- Helen J., long-standing Qudos Bank employee.
The organisation has changed significantly during its six decades, where membership was originally restricted to only Qantas employees. Over time the Credit Union started to broaden its reach and in 1996 commenced lending to non-Qantas employees. By 2012 we began trading as Qantas Credit Union where existing members could nominate new members to join, and in 2016 we became Qudos Mutual Limited trading as Qudos Bank.
“After 60 years, we are proud to have grown to be one of Australia’s best small banks. We have stayed loyal to our promise to our customers to provide a better deal for their banking through delivering competitive products and services.” - Michael Anastasi, Acting CEO.
“Most importantly, our values remain the same and our commitment to personal service hasn’t changed. Our customers are at the centre of everything we do. Our most recent service releases including mobile and real-time payments has shown that to remain true. Qudos Bank will continue to act in the best interest of our customers for the next 60 years and beyond.”
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Read more about our history here.