BSB 806 015

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BSB 806 015

Trust and competition the way forward

Thoughts from CEO Andrew Hadley

It's evident that old fashioned reliability and trust seem to be on the wane and, in particular, there is an increasing focus on the conduct of the big banks in Australia.

Unlike listed banks, mutual banks such as P&N are owned by their members; those who bank with us. There are no third party shareholders demanding a return on their investment and therefore our customer-owned model, by its nature, is very transparent.

This lack of tension allows banks such as P&N Bank to focus purely on you, our members, by offering competitive banking products, rates and fees, alongside excellent customer service and a strong community focus.

We believe we can offer our members something the listed banks cannot; the opportunity to bank with a trusted, transparent institution totally focused on their needs as opposed to the needs of third party shareholders.

As such, we enjoy a very high Net Promoter Score (NPS), an independent measure of how likely our customers are to recommend us to family and friends.

But our model has not been without its challenges.

In 2014 P&N participated in the 2014 Murray Inquiry into Financial Service and more recently in the Hammond Inquiry into Mutuals and Co-operatives to campaign for a more level playing field between our sector and the majors. 

On 8 November, the Government announced that it will adopt all 11 recommendations of the Hammond Inquiry.


The adoption of new legislation and regulations that recognise the mutual or co-operative model will create a more level playing field between mutual banks and the listed banks and enhance competition and choice for consumers.

The amendment to the Corporations Act will pave the way for a new capital instrument for mutual businesses which has the potential to unshackle some very real impediments facing our sector and provide the optionality to access capital without the restrictions of using retained earnings or debt.

In countries where specific co-operative and mutual legislation exists, vibrant and sustainable mutuals not only serve their members but significantly contribute to economic growth and diversity.

With trust and customer satisfaction high on the list of differentiators between P&N and the majors, together with new legislation and regulation supporting our sector, Australian consumers are the ones who will benefit from greater choice and competition in the future.

On behalf of our 93,000 members, we look forward to optimising the benefits that these changes will bring while continuing to focus on our providing exceptional member experiences.

We're here to help you realise your financial goals and optimise your financial wellbeing. If you haven't visited one of our branches recently, I invite you to come in and talk to our wonderful staff and see that you're more than a number to us and that we're committed to helping you beyond your banking.

In closing, I urge you to share the P&N story with your family and friends so that our organisation continues to grow and prosper.

By bringing more people into our collective we will be stronger together. 

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