P&N is now at the half way mark of our current 5 year strategic plan and it's timely to reflect on what P&N has achieved and our continual focus on delivering greater value to our members.
Pleasingly, success and growth have been achieved over the past 2.5 years in a challenging WA economy and in an environment of unprecedented low interest rates. But it wasn’t our ability to grow that resonated most strongly with me. It is the way we have given back to our members and our community by living our belief in the Power of &.
Our We Champion and Helping &nds community initiatives have grown from strength to strength thanks to the support of you, our members. It's been immensely rewarding to see the number of individuals, families and deserving groups who have received a hand when they need it most thanks to your nominations and votes.
In my time as Chairman, looking back over all we have achieved in recent years, I enjoyed a moment of reflection remembering what it was like when I joined P&N as a Director some 19 years ago.
In some ways it seems only yesterday, but at other times I'm staggered by the amount of change I have witnessed - both at P&N and more generally in the banking industry.
The world of banking has changed significantly over the past decade in particular. In recent years we have made enormous leaps in the area of payments and digital technologies and P&N has had to adapt to remain current and relevant to our membership.
P&N is one of the last WA owned banking institutions and we have flourished because we have never lost focus on our most important asset - our members.
I strongly believe that our members deserve a modern, progressive and sustainable bank that looks to the future but also remembers where it has come from.
More and more people are doing their banking online, with mobile banking fast becoming the new norm. To meet demand, we launched our new improved internet banking platform and mobile app last year alongside our traditional banking channels.
We also introduced digital wallet technology with Apple Pay, Android Pay and more recently Samsung Pay, enabling members to use their mobile phones in place of a Visa Debit card to tap and pay.
More change is on the horizon with the launch of the New Payments Platform - a national initiative that will enable faster payments between individuals.
We often have members wonder why it can take days for a payment to leave their account and appear in someone else's. This new national platform will provide members with a way to solve this dilemma through a real-time payment infrastructure, available 24/7.
You will be hearing more about the New Payments Platform in the coming months.
In this year's AGM, scheduled for November, we will be proposing some much needed amendments to our Constitution to allow our business to continue to grow and adapt in a digital world, while continuing to offer the important face to face relationships that many of our members enjoy.
When our Constitution was first written, online and digital banking didn't exist, now as I have mentioned, it is a major aspect of our business and the demand for online channels will only continue to grow.
Full details of these proposed changes will be provided in the annual AGM pack that will be posted to you in October. This is your chance to have your say in how P&N is governed and run.
I encourage you all to read the pack carefully and make your voice heard by returning any voting slips enclosed.
If you have recently moved or your details have changed, please let us know so we can update our records accordingly and make sure we are mailing to the right address.
On a final note, I would like to thank you, our members, for your unwavering loyalty, support and also for your feedback. Because we are a member-owned organisation, you will always be at the heart of everything we do.
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