BNK Banking Corp Ltd, the parent company of Finsure and Better Choice Home Loans, has announced that it has appointed a new CEO.
Brett Morgan, the CEO of digital healthcare and insurance claim payment platform LanternPay and COO of its parent company InLoop, will assume the role of chief executive officer of BNK on 12 October 2020.
Mr Morgan replaces Simon Lyons, the former Goldfields Money CEO turned BNK managing director, who resigned from his role on 26 May 2020 (BNK’s deputy chairman Don Koch stepped in as interim CEO until a replacement was found).
The incoming CEO will also take responsibility for Better Choice Home Loans, which operates as the bank’s wholesale distribution network.
John Kolenda will remain as CEO of the Finsure aggregation business.
Mr Morgan has extensive experience in the mortgage market, having spent almost a decade on the executive team with ING Direct Australia, including as executive director of mortgages and head of mortgage management.
During his time at ING, he led the development and execution of the retail bank strategy and was responsible for more than 7,500 staff as head of marketing, private banking and branch banking with ING’s Vysya Bank at Bangalore in India.
New CEO looks to ‘deliver further success for a significant Australian challenger bank’
Welcoming the incoming CEO, BNK chairman Jon Sutton noted Mr Morgan’s experience in “key management positions for an impressive portfolio of businesses”, adding: “Brett is a highly credentialled finance industry professional who has distinguished himself in the sector for the past two decades.
“Most recently, Brett had dual roles as the CEO of LanternPay, while retaining his previous position as the COO of InLoop. Under Brett’s leadership, those companies were industry-leading as they combined in-house developed technology with a focus on end-user customer service.
“Brett was also CEO of LanternPay’s sister company Flexischools, which simplifies school life for students, staff and parents at more than 1,000 primary and secondary schools across Australia.
“We are very much looking forward to Brett’s contribution to BNK as we combine technology and quality human skills to provide superior value to enterprising Australians.”
Mr Sutton also thanked Mr Koch for filling the role as interim CEO while an executive search process is being undertaken for a permanent appointment.
Speaking of his appointment, Mr Morgan said he was excited to be leading the team at BNK, stating: “It’s a huge thrill to have been appointed as CEO of BNK Banking Corporation and to have the opportunity to deliver further success for a significant Australian challenger bank.
“I hope I can bring my banking and wider industry experience to a business that has a tremendous opportunity to make a difference,” he said.
“I very much look forward to playing my part in helping the BNK board to continue to achieve exceptional results for the group and great returns for our shareholders.”
The banking group recently announced that it had settled $129 million in FY20, up 73 per cent year-on-year.
It closed FY20 with $285 million of on-balance sheet loans, up 33 per cent year-on-year.
“As previously advised, BNK took steps to deliberately moderate loan originations through Q4 FY20 as a prudent response to the uncertainty around the COVID-19 disruption,” the BNK Group said in its update.
“BNK has slowly reactivated loan originations from June onwards. The loan origination pipeline has already started to grow with additional lending products planned for FY21.”
As at 30 June, 5.2 per cent of BNK customers (by value) were provided with COVID-related relief packages consisting of short-term (three to six months) payment deferrals.
This is down from the 5.6 per cent recorded at 31 May due to customers now returning to regular payments.
According to BNK, it intends to offer a new range of products under the BNK brand later this financial year. The company is also looking to develop its digital banking platform to enable it to deliver a broad range of banking product directly to customers, as well as through third-party intermediaries.
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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