In FY23, we’ve delivered a range of positive outcomes through partnering with groups including industry bodies, technology providers and mortgage brokers.
Investing in technology to benefit customers
- We announced plans to launch a digitally-led banking offering to cater to small businesses – specifically nano and micro businesses employing less than 4 people. The offering is being developed using proprietary technology developed by fintech and equity partner Constantinople.
- We received global recognition as a Celent Model Bank for 2023, awarded to banks for promoting innovation, building better customer experiences and creating stronger businesses.
- We partnered with payments provider Cuscal to become the first bank in Australia to launch new payments technology PayTo, giving customers a simple and secure digital alternative to direct debits.
Encouraging responsible partnering
- We have incorporated ESG criteria into our evaluation of potential suppliers for all contracts valued at over $500,000. The aim is to implement this across our procurement processes for all relevant contracts over the next 12-18 months.
- We have evolved our supply chain to include more First Nations suppliers, like Orana Commercial Relocations and Born Digital Solutions (see case study).
- We strengthened our commitments around modern slavery to assess and manage risks across our operations, supply chain and investments.
Growing our broker network
- We joined Lendi Group’s lending panel, introducing our brand to more than 1,300 additional brokers nationally. We have substantially increased our network to reach over 6,200 brokers and support more Australians to become homeowners.
- We were awarded the Mutual Bank of the Year in the Resimac Mortgage Business Awards.
Advocating for reform with industry peers
- We joined the Customer Owned Banking Association (COBA) for their annual Hike the Hill political advocacy event at Parliament House in Canberra. Collectively the sector met with around 50 politicians and policy makers to highlight the value of customer-owned banking.
- CEO Paul Lewis gave evidence about the need for greater competition in banking to a House of Representatives Standing Committee on Economics inquiry. He appeared when the Inquiry into Promoting Economic Dynamism, Competition and Business Formation visited Toowoomba in June 2023.
Case study: Partnering for impact
Over the past year, we have taken deliberate steps to diversify our supply chain to better reflect our customer base and the communities in which we operate.
This has included working with more First Nations businesses like Born Digital Solutions, a 100% Indigenous-owned organisation providing automation consulting work.
“It’s wonderful to see Great Southern Bank actively seeking to work with more First Nations businesses,” says Tony Kljucevic, Managing Director at Born Digital Solutions.
“As a relatively small business in the technology space, we certainly appreciate the opportunity to demonstrate our capabilities and building a fruitful working relationship that ultimately benefits both parties.
” Through the partnership the automation team delivered 24 projects that collectively helped Great Southern Bank achieve $3m in savings during FY23.