P&N outlines plans post merger
Following the recent merger of P&N Bank and bcu, growing brand awareness and taking a digital first approach to banking will be key steps in the success of the merger.
The combined asset base of both organisations following the merger is now $6 billion with around 150,000 customers across Western Australian, Queensland and New South Wales.
Manager of corporate affairs at P&N Bank, Kerrie Nayler said while the organisation will stay within the three states, the plan is to continue expanding in these existing markets.
“It’s going to take us 12 months or so to really unlock the benefits for members," she said.
According to Nayler, the strategy is to ensure a stronger consolidated organisation going forward, while also growing and expanding its footprint.
“Whether that's by merging with another customer-owned banking organisation or merging with another type of company that is very, very aligned to us."
One member benefit for P&N is the hopes of creating a business offering for small companies, something Nayler said P&N has been wanting to explore.
“A lot of our members operate small businesses. We don't have a dedicated business banking offering. We have really wanted to do that for a few years.
“The costs of doing that and starting it up is quite exorbitant.
“bcu already have a successful fit for purpose small business banking proposition, so P&N will now be in a position to adjust it to the needs of P&N customers without the initial set-up costs.”
Likewise, P&N will bring a strong digital banking presence to the table, something Nayler said bcu have not been able to invest in yet.
“In time, bcu will be able to offer a member friendly digital banking by rebranding the P&N offerings.
“P&N is quite innovative with our digital banking offerings.
“We've come up with a different and really convenient digital banking offerings. Bcu haven't been able to invest in that side of their business in the past.
“Now, bcu will be able to see what their member needs and pretty much re-brand the P&N offerings.
“Those are the synergies that will really start to benefit members over the course of the next 12 months and going forward,” Nayler said.
In an Australian first, P&N along with third party providers were able to create an instant virtual card.
“If you lose your card you have to wait normally 14 days for it to arrive in the mail.
“Now we have instant virtual digital cards and greater functionality around card controls.”
The card details can also be used for online purchases or via ApplePay, Samsung Pay and Android Pay in a phone’s digital wallet offering as well.
“The size that we are and the world that we live in, P&N has been really agile in coming up with different ways to compete.
“We are never going to have the size and scale of the major banks and nor do we want to.”