A non-major has achieved a record year of lending, with its overall home loan portfolio growth coming in three times stronger than system despite the significant challenges Australia has faced over the last 12 months.
According to Defence Bank CEO David Marshall, the group’s “purpose over profit ethos” is at the centre of all it does, resulting in a quality responsible for attracting so many new customers.
“These results show that in banking you can be small but achieve big things,” he said.
“We’ve seen a true flight to quality in the banking sector and Defence Bank is part of this emerging trend.”
Over the last year, the non-major has drilled down on its loan approval turnaround times, knowing the speediness it offers members is something “the big four can’t match”.
“While they languish with their responsiveness, with recent reports of delays up to 14 days, we can commit to being fleet-footed for our home loan customers keen to refinance or get a better deal – all while being serviced by a local Australian based team,” said Marshall.
The customer-owned bank's success is not just contained to lending. Over the last year, it also experienced record deposit growth in transaction and savings account balances, a Net Promoter Score of +52 and top 10% employee engagement.
“We’re really delighted with our Net Promoter Score (NPS) which stands at +52, up from +33 a year ago, a significant outcome for our dedicated staff,” Marshall said.
“It means a lot to us to see that 9/10 members would actively encourage people they know to choose Defence Bank.
“This result is remarkable when you compare it to the big four banks and illustrates the member-owned difference at work.”
Even with operating conditions expected to remain difficult, Defence Bank is on track to meet its targets and record a profit for the just-completed financial year.
“But we won’t be resting on our laurels, nor are we complacent in any way,” the CEO emphasised.
“In the next 12 months, we will continue our focus on effortless banking where there’s less hassle, clearer communication and, importantly, making sure our members only have to tell their story once.”