New consumers will demand shared values

Advertorial content by UniBank

Would you give away a percentage of future salary to work for a responsible employer? A staggering 90% of business students say they would, according to a report released by Macquarie University’s Graduate School of Management earlier this year. The survey polled over 1,700 students across undergraduate and graduate university levels in Brazil, India, the United States, the Netherlands and other participating countries. 14% of these student agreed they would be willing to sacrifice more than 40% of their future income to be part of a responsible business.

These responses, whilst surprising to some, are highlighting the shared values of an emerging, new type of consumer. These consumers are students and young professionals who are seeking to partner with organisations and businesses that take ethical issues seriously – whether through active participation in ethical programs, or having dedicated metrics to measure their social impact. Increasingly, the challenge for business, universities, government and non-government organisations is to change their business practices to be in line with the expectations of these consumers. Slowly, but surely, many organisations are seeing this challenge and beginning to align with their consumers’ values.

However, organisations hoping to partner with these new consumers, will not necessarily win them over through ensuring a values alignment alone. These new consumers still want to have access to the best possible products for their investment. A major report by KPMG recently found, that 18-35 year olds are more likely than ever before to have multiple bank accounts for different uses (e.g. transactional account, savings, share portfolio, home loan). This increased diversity shows that this new consumer group are also increasingly savvy as to where their time and money is being spent. In a world where access to key social goods like housing is becoming more difficult to obtain, and low wages are persisting, these consumers are looking to make sure their investments are maximising returns.

Being customer-owned, UniBank has consistently been in sync with the values of its members; university students, graduates and staff. Our commitment to these values is reflected in the decisions we make. We are a carbon-neutral bank, we don’t invest in fossil fuels, and we ensure that over 5% of net profits after tax go directly back into community investment (e.g. university scholarships). But we also want to provide great products to this savvy group. Our members¹ are our shareholders, so we feel a special obligation to provide them with brilliant service and fantastic products over their lifetime. It’s why we have a fee free everyday account for students², a great mobile banking app³ and access to digital wallets such as Apple Pay⁴, Android Pay⁵ and Samsung Pay⁶. We also offer great term deposit⁸ rates, a no annual fee, low-rate credit card⁷ and a wide range of competitively priced home loans⁷ and car loans⁷.

For us this is just the start of how we want to continue to partner with these consumers. Successful organisations understand the value of explaining, highlighting, and championing meaningful contributions to their community’s values.

Whether looking at which university to enrol at, which bank to join, which organisation to work for, these new consumers are seeking organisations which share their values-alignment as a core part of their decision making. When it comes to these emerging consumers, the message to organisations trying to attract them is clear - the future is ethical.

Important Information

UniBank is a division of Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL /Australian Credit Licence 238981.

1. Membership eligibility applies to join the Bank. Membership is open to citizens or permanent residents of Australia who are current or retired employees, students and graduates of Australian universities or family members of members of the bank.
2. Conditions of use – Accounts and Access document and Fees and Charges brochures are available online or from any of our offices. You should read both of these documents before deciding to open accounts and access facilities issued by the Bank. Any advice provided here does not take into consideration your objectives, financial situation, or needs, which you should consider before acting on any recommendations. Students under the age of 24 years are exempted from the $5 monthly access fee. For students aged 24 years or older, please refer to our Fees and charges brochure for exemption criteria. For further information call 1800 864 864 or go to unibank.com.au. Refer to the Fees and Charges brochure for details on fees and charges.
3. Mobile Banking. You should consider whether this service is appropriate for you before acquiring it. For information on security please refer to our Security Guide for electronic transactions available online. Access is subject to availability and maintenance. We test mobile banking to ensure compatibility with the majority of popular devices used by members but cannot guarantee that it will be compatible with all devices and operating systems. Teachers Mutual Bank Limited does not charge you for accessing your accounts using your mobile. Internet data charges and call charges may be incurred through your mobile service provider – check with your internet service provider or mobile phone service provider for more details. A 3G or Wi-Fi connection is needed for the mobile banking and map features.
4. Apple Pay. You should consider whether this service is appropriate for you before acquiring it. Terms and conditions apply to the use of Apple Pay and Teachers Mutual Bank Mobile Wallet and are available on our website. Access to the system is subject to availability and maintenance. We do not charge a fee to allow you to use your Visa card in Apple Pay^TM. Internet data charges may be incurred through your mobile service provider - check with your Internet Service Provider for more details. Apple, the Apple logo, Apple Pay, Apple Watch, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay works with iPhone 6 and later in stores, apps and websites in Safari; with Apple Watch in stores and apps, with iPad Pro, iPad Air 2 and iPad mini 3 and later in apps and websites; and with Mac in Safari with an Apple Pay enabled iPhone 6 or later or Apple Watch. For a list of compatible Apple Pay devices, see https://support.apple.com/da-dk/km207105.
5. Android Pay. You should consider whether this service is appropriate for you before acquiring it. Terms and conditions apply to the use of Android Pay^TM and Teachers Mutual Bank Mobile Wallet and are available on our website. Smart phone must be NFC (Near Field Communication) enabled and running KitKat 4.4 and above. Access to the system is subject to availability and maintenance. We do not charge a fee to allow you to use your Visa card in Android Pay^TM. Internet data charges may be incurred through your mobile service provider - check with your Internet Service Provider for more details. Android, Android Pay^TM and Android logo are trademarks of Google Inc.
6. Samsung Pay. You should consider whether this service is appropriate for you before acquiring it. Terms and conditions apply to the use of Samsung Pay and Teachers Mutual Bank Mobile Wallet and are available on our website. Access to the system is subject to availability and maintenance. We do not charge a fee to allow you to use your Visa card in Samsung Pay. Internet data charges may be incurred through your mobile service provider - check with your Internet Service Provider for more details. For more information and a list of compatible Samsung Pay devices visit tmbank.com.au/Samsung pay.
7. Loans and Credit. Fees and charges and lending criteria apply. Consumer Lending terms and conditions available online or from any of our offices. Credit Card terms and conditions available online or from any of our offices. For further information call 1800 864 864 or go to unibank.com.au. Refer to the Fees and Charges brochure for details on fees and charges.
8. Term Deposits. For deposits $500,000 or more rates are by negotiation and subject to acceptance. Conditions of use – Accounts and Access, and Fees and Charges brochure are available online or from any of our offices. You should consider whether this product is appropriate for you before acquiring it.