With the festive season upon us, I am pleased to share the key highlights and achievements from our 2024 Annual Report, including an overview of our financial performance and the goals we accomplished for the year. In this edition of myQ, I will also share the further developments we have made in line with the banking anti-scam laws via the Qudos Bank Behavioural Biometric launch to help even better protect our members from scams and fraud, and there is also an important wellbeing message ahead of the festive season.
Our 2024 Annual Report is available on our website where you can find out more information about what Qudos Bank has achieved over the last year, including the many award accolades we received such as the 2024 Mozo Experts Choice Award for Home Loans and Canstar - Outstanding Value - Home Lender and Fixed Home Lender - 2024.
During the last year, we have continued our ongoing commitment to supporting those in the wider community via a range of charities and organisations through charitable donations, such as Black Dog Institute, The Children’s Medical Research Insititute (Jeans for Genes), and Little Wings. As a proudly customer-owned bank, our origins and 65-year history are grounded in supporting the community, and this commitment endures as it is core to our purpose.
On 1st of February 2024, Qudos Bank and Bank Australia announced an undertaking to explore a merger to create Australia’s leading purpose-driven bank. This followed a thorough review of the Australian customer-owned banking landscape with the goal of finding a culturally aligned partner, that via a merger will enhance the long-term sustainability and competitiveness of our bank on behalf of members.
With these in mind, Bank Australia was a standout as a like-minded partner, with a true ‘merger of equals’ mindset. Since signing of the Memorandum of Understanding, a thorough due diligence process was undertaken to review Bank Australia’s operations and fit with the strategic ambitions and member-focus of Qudos Bank.
The Board subsequently approved the merger to proceed with a project team established to progress with the merger, with equal representation from both banks. Since this time, we have progressed all the key merger workstreams, and recently submitted the required applications to the Australian Banking regulators for approval.
Pending regulatory review and confirmation, which we are anticipating in the new year, then we will seek member support for the merger via a member vote and Special General Meeting around the middle of 2025. We will continue to update members on the progress of the merger, and in particular the specific benefits they can expect to receive via enhancements across our products and services. More information can be found on our website at qudosbank.com.au/comingtogether.
The origins of Qudos Bank date back 65 years, and there was no better time than in 2024 to invest in enhancing our brand and experience we provide to our valued members across our digital channels. At Qudos, our members come first, and it was important that our brand and the experiences we provide more clearly express that, “Your potential is our purpose.” We hope our members are enjoying the range of digital experience enhancements now in place and the fresh, bold new expression of our brand. To experience more, please review our website here.
During the 2024 financial year, we welcomed Jennifer Dalitz to the position of Chair of the Board at Qudos Bank effective from 15 December 2023. Jennifer is an experienced director and senior executive, having served on the Board for over five years and is also a Board Director at iPartners. I also had the honour of being appointed as CEO of Qudos Bank in August 2023.
We recently had the opportunity to attend the Australian and International Pilots Association (AIPA) 2024 dinner as a Gold Sponsor. It was great to connect with guests, members, and retirees of the association, celebrating the wonderful achievements and commitments of Pilots.
AIPA does great work in representing Qantas Group pilots to support advancing the employment interests of its members by providing them with Legal and Industrial advice on many matters. It is events like the AIPA dinner that remind us how important it is to connect with the community our members are actively involved in, especially given our history and heritage with the Qantas airline and its dedicated pilots and staff.
In the second half of the 2024 financial year, we introduced Behavioural Biometrics, a new enhanced security and industry first security feature for our Online Banking. This advanced feature analyses how users interact with Online Banking including how they move their hand, how fast they type, and how they hold their device to confirm identity and block suspicious users.
We are constantly monitoring for scams and fraud, staying abreast of the latest in cyber security developments. This is in line with the Scam-Safe Accord where the banking industry is required to introduce protective measures to keep banking customers safe.
Introducing the Behavioural Biometrics solution has come with numerous benefits, including:
By working with industry leader LexisNexis, we have managed to reduce unnecessary security alerts by 53%, meaning fewer interruptions for our members while using Online Banking. For more on how you can protect yourself from scams, please visit our Fraud & Security hub.
We are enhancing our digital onboarding experience for new members joining the bank and opening a deposit account online. The new experience will provide members a more seamless and secure way to complete important identity verification through a facial biometrics liveness check and ID scan. This technology will reduce the number of fraudulent applicants attempting to join Qudos Bank and the manual checks required to verify member identities. This technology is an important measure in line with the Scam Safe Accord by utilising face biometrics for all new members onboarding.
Existing Qudos Bank members will also benefit from an enhanced experience when asked to reverify their identity with the bank. After speaking with a member, a Qudos Bank employee will be able to trigger a secure SMS link directly to the member’s registered phone number which a member can use to instantly scan their ID and face digitally.
The latest mobile app release focuses on delivering members a more personalised in-app experience. Members now can customise their preferred name in the app, without this impacting their customer details. Members can also choose from a selection of background images to customise their app login and dashboard screens, as well as select which of their favourite accounts they’d like to appear on the dashboard.
A reminder that our upcoming Annual General Meeting (AGM) for 2024 will be held on Wednesday 27 November 2024 at 5:00pm (AEST). The meeting will be delivered in a hybrid format. By actively engaging, you will help us make informed decisions in the best interest of our members, as well as help shape our organisation’s future. For more details related to the AGM, please visit the Corporate Information section on our website to learn more. Members participating will be able to vote on the resolutions regarding the number of Directors on our Board, Director re-elections, and Return of Capital & Share Capital Resolution.
As we approach the final months of 2024, I want to extend my heartfelt thanks to all our members for their continued support of Qudos Bank. It has been a tremendous year of proactive change and progress, and I know we have much to look forward to in 2025, including continuing to support our members with their banking needs and the member vote on our proposed merger with Bank Australia.
It has been a privilege to lead Qudos Bank during such an exciting time of transformation, and I am eager for the next phase that we will embark on in the coming year, with renewed purpose and drive.
I would like to wish you and your families a wonderful festive season and a Happy New Year ahead. However, I understand this time can be challenging for some, and I want to remind you that support is available - you are not alone.
2025 is just around the corner and I look forward to sharing more with you on our exciting journey in the new year.
Wishing you all the best for 2025.
Brendan
If you or someone you know needs assistance, the following services are available:
Ahead of the festive season, we share helpful information on how to steer clear from online shopping and phishing scams.
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Whatever your needs, from savings accounts or home loans, you could earn Qantas Points to give you a head start on your next holiday.
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At Qudos Bank, we’re 100% customer-owned. Being a member means that you’re more than just a number - you’re a shareholder.
Learn moreAhead of the festive season, we share helpful information on how to steer clear from online shopping and phishing scams.
Learn moreWhatever your needs, from savings accounts or home loans, you could earn Qantas Points to give you a head start on your next holiday.
Learn more
We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which Qudos Bank operates and where our team members reside.
