In May, I talked about the Hayne Royal Commission headlines and the alarming revelations that continue to surface concerning the major banks.
While P&N were not asked to make a submission to the Hayne Royal Commission, we did elect to make a submission to the Productivity Commission Review into Competition shining a light on some of the anti-competitive regulations currently in place that favour the major banks. It was very pleasing to see the final recommendations from the Productivity Commission to the Federal Treasurer which, if adopted, will go some way to redressing the competitive imbalance between smaller organisations and the majors.
I want to reiterate that our Board and Executive continue to keep a close eye on the Royal Commission proceedings and are already planning for the likely regulatory changes that will result.
As a P&N member, you can feel confident that P&N continues to work in your best interests by championing a more level playing field between us and the majors while delivering innovative products, excellent customer service and a community focus that lets you direct funds to people and causes that matter to you.
With the first half of 2018 already over, our customer satisfaction and member advocacy remain very high and we are heartened by the continuing positive feedback that we receive from our members through our various channels.
In the past three months, things have been busy at P&N with the opening of our new Bull Creek Branch, and refurbishments at Joondalup and Maddington Branches. Our Innaloo Branch refurbishment is imminent. These new spaces have been buzzing with activity and I'd like to thank those members who have been so positive in their feedback. Our warm and inviting new layouts have been designed to encourage more face to face conversations and foster great relationships between our teams and our members.
You may have also read of our new Australian-first innovation, where lost or stolen credit or debit cards can now be replaced digitally in minutes whether you're in Australia or overseas via our mobile banking App. If you've ever lost your card and needed to wait up to two weeks for a replacement card to arrive, you'll probably appreciate just how much frustration this will remove.
Also, for those members who have asked for the ability to turn off the Tap n Pay option on their cards, I'm pleased to confirm that we have listened and this is now an option that members can control themselves, along with other card preferences, in our Mobile App.
The world of banking is changing rapidly and what we thought was innovative last year has already become mainstream. P&N are at the forefront of developing automated systems that create efficiencies for our staff so that they can spend more time on more valuable member-focussed work. We will continue to partner with like-minded organisations to deliver even more member convenience and greater efficiency going forward.
So I trust you can see that the entire P&N team continue to work hard on your behalf. As always, I encourage you to play a role in educating your family and friends about the benefits of customer-owned banks such as P&N as the Royal Commission conversations continue. 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
We'd like to use your current location
For a more localised experience please enter your location below...
Set your location for a more localised experience.