P&N Group undergoes a major transformation

  • By Zilla Efrat

Customer-owned banking group, P&N Group, has been investing in strategic platforms and replacing outdated legacy banking systems, processes and products that no longer deliver a modern integrated customer experience.

It says this is part of a major strategic transformation aimed at boosting its national footprint through its brands: P&N Bank in Western Australia and bcu in New South Wales and southeast Queensland.

According to P&N Group chief transformation and technology officer Warren Willis, the group’s focus is on developing and leveraging more personalised solutions that provide greater digital enablement and self-service capability.

“The aim is to make P&N easier to bank with, work with and partner with,” says Willis.

“We’re simplifying and improving a number of our policies and processes and removing the need for unnecessary paperwork, with an aim of making the lending process faster and easier for brokers, customers, partners and our people.”

Willis says the group recently implemented a Salesforce customer relationship management (CRM) solution for its bcu and P&N Bank retail banking brands.

“This will improve relationship management and interactions with customers throughout their journey and increase internal productivity through streamlined processes and standardised sales management. Customers will see improved turnaround times, more consistent experiences, better communication and the ability to self-serve and book appointments.”

Willis notes that the improved productivity after the CRM launch has resulted in the number of customers contacted within 24 hours of enquiry jumping by 17 per cent.

P&N Group is also investing in its broker offering and experience because it believes it could be a genuine banking alternative to the major banks.

“We’ve spent a long time listening to our brokers and are committed to becoming easier and more efficient to do business with, by striving for simplified and consistent processes, platforms, products and policies which result in faster turnaround times,” says P&N Group general manager broker, Kaine Adamson.

 “We are involving brokers in the design of our future operating model, which will ensure we’re working together to provide brokers with solutions that will meet their needs.”

As a result, P&N Bank and bcu have implemented several changes to improve and streamline the assessment process. They have also introduced Apply Online Supporting Documents, DocuSign and Adobe Sign.

A new case management process was launched in June for all P&N Bank and bcu brokers to provide a single point of contact with decision-makers.

Adamson says this resulted in an improvement in broker satisfaction results, with P&N brokers experiencing a 30 per cent reduction in touch time and 47 per cent reduction in the number of times an application was handled.