It's hard to believe another year is almost over and what a year it's been in terms of the revelations of the Hayne Royal Commission into Financial Services.
Who would have predicted such high levels of endemic misconduct within the big four banks?
In his interim draft report, Commissioner Hayne surmised that annual profit had become the defining measure of success of Australian banks at the expense of their customers. Commissioner Hayne stated in his report, "Too often, the answer seems to be greed – the pursuit of short term profit at the expense of basic standards of honesty."
And there were further big bank admissions in November such as the Chair of the Commonwealth Bank outlining how the Board did not hold their Executives to account when they continued to receive multi-million-dollar short-term incentive payments, even as scandal after scandal was being discovered within the organisation. And another example when Andrew Thorburn, CEO of NAB admitted to a culture of "profit before people" but drew the line at agreeing the bank was dishonest when charging tens of thousands of customers fees for "no service".
With revelations such as these, it is no wonder Australians are questioning who they can trust and who will look after their best interests.
And that's where member-owned banks like P&N can come to the fore.
Without the tension of third party shareholders like the listed banks, member-owned banks like P&N Bank exist solely for our members. Our model is ethical, we are a fully regulated bank and are backed by the Government Guarantee.
We create modern banking solutions based on what our members need and have a strong focus on providing genuine customer service and community support.
Any profits that P&N make are reinvested back into the business to continue provide quality banking services for our members while strengthening our organisation for the future.
With one of the highest advocacy scores globally for our category and also one of the highest levels of customer satisfaction of all Australian banks (both measured independently) we know that the majority of P&N members enjoy banking with us.
But we want more Australians to be aware that our member-owned model is a genuine alternative to the listed banks, and that's where you can come in.
If you have a strong connection with P&N, can I ask that you continue to tell your family and friends about the benefits of banking with P&N so that we can grow and flourish on your behalf.
With our convenient and innovative digital and mobile banking solutions, our Perth-based Contact Centre and face to face banking channels through our branch network, we remain focussed on growing our organisation and continuing to provide our members with the best and most convenient banking experiences long into the future.
And speaking of the future, it is not long until 2018 ticks over to another new year.
Let me take this opportunity to wish you and your families a very Merry Christmas and a wonderful New Year.
You can be assured of our ongoing commitment to you and our new members through 2019 and beyond. As always, should you have any questions for me, please feel free to email me at [email protected] and I will look to respond as quickly as possible.
Andrew Hadley, CEO
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