P&N Group, on behalf of its bank brands P&N Bank in WA and bcu in NSW and Qld, is the third customer-owned Financial Institution in Australia to become an Accredited Data Recipient under the Australian Government’s Consumer Data Right (CDR) Scheme as part of the Open Banking roll out.
The accreditation allows P&N Bank and bcu to act on behalf of customers to collect relevant information and financial data in order to provide tailored product or service offerings that are easy to use, save time and are more convenient.
In partnership with Frollo, a purpose-driven Fintech that is one of Australia’s leading Open Banking providers, the P&N Group are re-imagining the future of banking with a vision to enrich the lives of its customers by offering greater financial empowerment and superior customer experience.
Research conducted with more than 500 respondents by Frollo showed that one in three consumers would consider switching banks to obtain access to at least one of the Open Banking features. A separate study by P&N Group found 45% of people would feel comfortable sharing information with trusted organisations to receive better advice and solutions.
P&N Group Chief Transformation Officer, Phil Thistlethwaite said the Group’s five-year transformation journey focuses on making banking easier for its customers, and that includes placing more control in customers’ hands giving them more control of their overall financial situation and well-being.
“We will initially offer customers a more holistic and enriching digital experience through our Open Banking Personal Financial Empowerment (PFE) platform to be launched in early 2022, which will complement our P&N Bank and bcu retail brands’ existing suite of digital banking tools,” Mr Thistlethwaite said.
“By offering customer-centric technology that solves key financial pain points, such as money management and the home loan application process, not only will we make it easy to bank with us, we will also make it easy for our customers to get ahead.”
While the banking industry has increased its focus on digital and mobile banking offerings over the past ten years, the COVID-19 pandemic has fast-tracked the need for greater investment in technology to support a seismic shift in habits which is unlikely to slow down or return to pre-COVID levels.
Recent RFi research reported that since the first half of 2019 mobile banking has risen 41% as preferred channel to conduct day-to-day banking activities (global average), while there was a 33% decline in desktop or laptop computers as the preferred channel. It also found that 55% of Australians would use mobile banking more in the future, while 45% said they would keep using it as they are now.
“Consumer trust is going to be a key element in the take-up of this new way of banking,” added Mr Thistlethwaite.
“That’s why we’ve partnered with Frollo, a trusted organisation, to deliver an Open Banking solution that ensure customers can safely and securely share and manage their data and information.
“The biggest change to banking we’ve seen in years is just around the corner, and we’re inspired and motivated to leverage this to create a bright future for our customers.”