International Finance Awards 2019

10 Acquisition International - 2019 International Finance Awards Aiming to bring the banking market into the 21st Century, BNK Banking Corporation Limited is an innovative financial institution dedicated to providing unique digital banking solutions to its valued clients. We profile the bank to gain an insight into the solutions it has to offer. BNK Banking Corporation Limited ounded in 1982 BNK Banking Corporation Limited comprises a Banking and Wholesale division and an Aggregation division (called Finsure). Within the Banking and Wholesale division the firm has Goldfields Money in the banking sector and Better Choice Home Loans in wholesale. Additionally, BNK offers loan products through its wholesale arm Better Choice, which in turn gives nearly 6,000 accredited mortgage brokers and the 1,600 mortgage brokers in its aggregation division access to the bank’s loan products. This gives the bank the ability to quickly manufacture and distribute cutting-edge loan products that the market is wanting. Together, these divisions are able to adapt to any market conditions rapidly and stay ahead of the bank’s less-nimble competitors who are reliant on old technology and outdated processes. F Such a focus on innovation is particularly important currently, as the Australian market is on the cusp of a major banking shift. At the moment, BNK operates in a market which is dominated by traditional banking and financial institutions, however the banking group considers itself a disrupter of the status quo and a representative of the next generation of finance. This adaptability and mobility are key components of BNK’s business and allows it to stay ahead of its competitors. The bank can manufacture loan products in weeks, not months and can distribute to over 7,500 mortgage brokers on the same day of launch. This means that it can launch loans to the market faster than most, if not, all, of its competitors and position itself as a leader in this space. Currently, the bank is in the process of reshaping Goldfields Money into a fully digital bank under the ‘BNK Bank’ brand. At the moment, the bank offers digital banking solutions through Goldfields Money, however its ongoing transformation will take this one step further and allow every day Australian’s to have a completely digital end-to-end service for BNK’s banking products. Overall, merging the core divisions together under one umbrella has been a challenge for BNK, but it is set to bring untold benefits to the bank and consumers. Going forward, the bank can now look to harness its collective strengths and focus them towards delivering the optimal customer experience at every stage of the lending cycle. This includes introducing a cutting-edge banking platform for customers, streamlining the loan facilitation process for mortgage brokers and optimising BNK’s business support services for those in its aggregation network. These developments will help the banking group drive true change in the banking market over the years to come. Company: BNK Banking Corporation Limited Website: https://bnk.com.au/ Best Retail Banking Solutions Provider – Sydney