Sustainability Scorecard

Progress on previous targets:

Work to begin
25% completed
50% completed
75% completed
100% completed
Ongoing target
2016 financial year achievementsPrevious targetsNew targets


  • Prioritised our commitment to delivering the right products at the right time through the right channel to our customers by creating the new position of Group Executive Product and Strategy
  • Amplified the voice of our customers by integrating feedback through a new team focused on identifying and progressing key customer experience initiatives
  • Deepened our customer analytics and introducing a program to improve customer retention
  • Expanded our presence in the broker market, we now have 4,000 accredited brokers, increasing our accessibility to customers who prefer to use brokers
  • Introduced a dedicated tablet app for mobile banking and improved the look and feel of our mobile banking app with a new fully customisable user interface
  • Increased digitisation in our commercial lending processes enabling quicker credit decisions
  • Launched Everyday Plus Account – the first Velocity rewards transactional account in Australia – offered exclusively to BOQ Specialists’ niche client base of medical professionals
  • Introduced a new foreign exchange risk management product for the SME sector
  • Expanded BOQ Finance presence and capabilities in non-motor floor plan, vendor and technology finance and wholesale receivables
  • Partnered with leading market research company RFi Group to access deeper analysis of the drivers of our customer satisfaction scores and where we can improve
  • Customer service focus evident by:
    • Eight straight years at the top of East and Partners’ business banking customer satisfaction survey
    • Three successive years named Relationship Bank of the Year at the AB&F Business Banking Awards
    • Best in class in several key customer satisfaction categories in the 2016 East and Partners’ Australian Asset and Equipment Finance Market Analysis
Aim to have the highest Main Financial Institution Net Promoter Score nationally amongst our most direct competitors
Introduce new retail loan origination processing system to reduce loan approval times and free up staff to spend more quality time with customers
Develop competitive products in key customer segments e.g. this year we launched a Virgin Money Australia home loan
Roll out Facebook for branches to give customers more opportunities to engage how they want on a local level

Implement 24/7 social media support

Introduce click to chat / call options on our website to connect online customers to our Customer Care Centre

Investigate options for improving customers’ web experience with a refreshed website platform and new tools that personalise content
Upgrade ATMs fleet to next generation models
Build out financial markets and international trade finance capability including enhanced e-commerce capability and investigate options for new Financial Market products
Finalise agreement with analytics partner to identify market and customer insights
Continue investment in customer information security with focus on threat detection and response capabilities and digital channels
  • Mature our data analytics developing quality information with single view of customer regardless of what brand they’re with
  • Launch BOQ Finance’s new Lease Management System to standardise the leasing lifecycle processes creating a simpler more efficient process that improves customer experience
  • Identify key deposit product and service gaps for priority customer segments
  • Investigate partnerships with fintechs whose offerings align with our niche customer strategy
  • Improve mobile apps for BOQ and VMA
  • Introduce e-signatures, an important milestone to being able to offer online lending applications
  • Implement new digital foreign exchange and international payments platform to allow customers to manage foreign currency risk 24 hours a day
  • Reduce fraud through introduction of SMS notifications for customers expecting new cards


  • Strengthened our three lines of defence model to risk management by increasing resources and aligning structure with business lines
  • Simplified policies and procedures, increased training and increased monitoring and performance management to embed a stronger risk culture and lift compliance results
  • Took the conservative approach of validating all home loan applications through a centralised process
  • Responsive credit policy review program has kept us ahead of the industry in areas such as lending to foreign borrowers, higher loan-to-value ratios for lending in areas heavily reliant on the mining industry and more conservative lending for certain types of property development
  • Introduced specialist risk experts aligned to our niche customer strategy and integrated more accurate data into a single view for them
  • Implemented our new risk management system that combines a range of balance sheet, liquidity, interest rate and fund transfer management systems into one, allowing us to quickly produce different balance sheet models tested under a broader range of funding scenarios, feeding more sophisticated information into our funding strategy
  • Undertook an extensive investor marketing program to provide broader funding options across different currencies
  • Provided better outcomes for our Owner Managers and their customers by moving our Owner Managers onto the new balanced scorecard as they renew their franchise agreements. The scorecard includes a wider range of metrics including compliance and cross-sales. Almost 50% of our Owner Managers are now on the new agreement
  • Rolled out ethics training to top 100 leaders and Owner Managers
  • Rolled out new Job Ready Accreditation Process with enhanced links to performance appraisals resulting in strong uplift in compliance training
  • Introduced new Anti-Money Laundering methodology to funnel more information into a centralised data analysis area, implemented stronger customer identification and transaction monitoring and held an AML session for all employees
  • Embedded our operational risk framework to strengthen our risk profiling and incident management
  • Held strategy alignment workshops with key strategic partners and vendors
  • Matured our technology risk management practices by extending our scope further along our supply chain
  • Increased sophistication of our risk oversight evident by S&P’s upgrade to our business position rating
  • Continued to grow the right way as demonstrated by winning The Asian Banking and Finance 2016 Liquidity Risk Management Award; winning the AB&F Chief Risk Officer of the Year for the third year in a row; and winning the AB&F Chief Financial Officer of the Year

Introduce governance, risk management and compliance software to integrate and manage related information in one system

Test new and improved credit models under a range of scenarios
Align long term remuneration practices more closely to shareholder returns
  • Leverage data analytics to build out efficiency and quality of our credit decisions
  • Uplift compliance management framework from Australian to global standards
  • Repurpose bespoke ethics training program into mandatory online module for all employees
  • Leverage relationships with key vendors to drive more collaboration, co-investment and innovation and introduce enhanced partner management frameworks and supporting governance

People & culture 

  • Elevated commitment to creating a culture that’s a source of competitive advantage by creating the new position Group Executive People and Culture
  • Launched our 144 culture which unites our focus on 1 mission, 4 strategic pillars and 4 values – integrity, collaboration, integrity and passion
  • Developed and launched a Wellbeing Plan for the Group. Initial implementation has seen the appointment of wellbeing champions across the business and a dedicated Safety and Wellbeing focus day which will be rolled out more broadly in the year ahead
  • Introduced a laboratory space to accelerate projects and incubate ideas, furthering our digital enablement plan and innovation agenda
  • Achieved 34% female representation in leadership roles
  • Introduced gender targets into leadership KPIs
  • Included gender policy review as part of our vendor selection process
  • Introduced domestic violence leave for staff
Continue to drive employee engagement which was 61% in 2016, down slightly from the previous year but vastly improved from two years ago. In the year ahead we’ll support employee engagement by further developing leadership capability, improving procedures and processes to make it easier for our people to serve customers, building on our 144 culture and providing people with ongoing support to develop their careers
Roll out 360 degree leadership performance feedback enabling us to introduce targeted development programs
Leverage franchisee training program with accelerated program for high performers
Implement wifi across all support centres and key branches to increase staff collaboration, satisfaction and efficiency
Upgrade video conferencing across group to help improve collaboration, training and recruitment
Consolidate different email systems and platforms into one messaging environment to make it easier to find and share resources
Reduced Lost Time Injuries in 2016 to 6, significantly exceeding target to reduce LTI to 10
Deliver driver safety program including fleet management and driver training
Conduct WHS ‘health checks’ for all branches
Update risk and safety leadership training
Introduce mental health support program – in 2016 this included launching online mental health training
  • Pilot flexible working policy in customer contact centre
  • Introduce new internal female leadership development program – Women In Action
  • Increase virtual delivery options for job on-boarding training requirements
  • 50% female representation in leadership roles by 2020
  • Keep Lost Time Injuries to 11 or less
  • 95% of WHS incidents to be reported within 24 hours and investigated within 48 hours


  • Introduced corporate social responsibility review as part of our vendor selection process
  • As part of our community programs:
    • Raised $204,000 for BOQ’s Banking on our Kids appeal, supporting Children’s Hospital Foundations Australia
    • Raised $103,000 through BOQ’s ‘It’s Possible’ Cycle Tour facilitated by BOQ and supporting Children’s Hospital Foundation Queensland
    • Helped bring Christmas joy to disadvantaged Australian families by collecting 2018 toys and 958 books with a total value of $41,386 in support of The Smith Family’s Toy and Book Appeal
    • Collected 2,463kg of clothes through our Uniform Recycling Program, saving the old uniforms from landfill and raising $2,955 for The Smith Family
    • Supported financial literacy of Australian children with 510 school classes participating in the BOQ ESSI Money Challenge up from 190 when the Challenge started in 2010
    • Collected 277kg of clothing and essential items valued at $6,300 in support of youth homelessness through The Australian Red Cross
    • $50,000 to support employees fundraising efforts through our dollar matching program
    • Almost $50,000 to Children’s Hospital Foundations Australia through Sharing with our Kids, our shareholder dividend donation program
    • Over $13,000 donated to not-for-profit organisations through our Workplace Giving Program
Actively engage in public policy discussions and forums that create an efficient and multi-tiered banking system that puts Australian consumers and business’ interests first
Continue to develop our community partnerships to make a positive impact on issues affecting young Australians and give back to the communities in which we operate


  • Digitised lending processes, reducing paper used in back end processes
  • Trialled solar panels and LED lighting in a couple of branches, successfully reducing carbon emissions between 20 – 45%
  • Commenced development of roadmap for environmental impact reporting
  • Moved from monthly to quarterly statements and consolidated customer statements into a single envelope, currently saving 1.5 million envelopes per year
  • Extended our swipe release printers to all support centres preventing uncollected printing which as part of our broader paper reduction initiatives has resulted in printing 3.8 million less pages over the past 12 months
  • Improved our technology infrastructure reducing our energy usage – consolidated infrastructure requirements to use less assets and used new technology to reduce reliance on traditional physical infrastructure
Benchmark emissions and carbon footprint
Implement solutions to reduce paper by digitising processes
Investigate options for reducing energy consumption and using renewable energy in the branch network
  • Review pilot program to reduce energy consumption in branches to determine future roll out across branch network
  • Introduce e-statements to reduce paper usage, estimated to save more than 600,000 sheets of paper a year
  • Introduce electronic invoice processing, removing paper invoices
  • Review and evolve Ecological Care and Sustainability Policy