Progress legend:

Work to begin
25% completed
50% completed
75% completed
Ongoing target



  • 2017 Financial Year Achievements
    • Improved customer outcomes by collaborating with industry bodies, government and regulators to implement a range of industry-wide initiatives including:
      • Appointing a customer advocate
      • Strengthening whistleblower protection
      • introducing conduct checks for new employees
      • Proactively embracing and adopting recommendations from the carnell inquiry, supporting small businesses
    • Improved lending experience including response times for customers by:
      • Increasing digitisation of our commercial lending process – providing quicker credit decisions and improved relationships with business customers
      • Improving our digital lending platform so it’s now capable of processing 70% of home loan application volumes through the new technology, reducing loan approval times and freeing up staff to spend more quality time with customers and third party intermediaries
      • Establishing a mortgage hub that brings together the people and technology involved with lending creating an improved capability and scale to support all retail brands and channels
      • Continuing to pursue new innovation through the piloting of robotics in the lending process to accelerate automation and digitisation objectives
    • Empowered customers to bank their way by continuing to open up and improve our service delivery channels by:
      • Increasing accessibility to customers who prefer to use brokers by expanding our presence in broker market from 4,000 up to 7,000 accredited brokers
      • Expanding the number of branches with open-plan design and a range of self-service and semi self-service technology options so customers can choose the level of service support they want from branch staff
      • Launching a mobile application for st andrew’s insurance customers enabling policy holders to immediately lodge claims and access information and support 24/7
    • Supported vulnerable customers by:
      • Fast-tracking hardship support services for customers affected by cyclone debbie
      • Introducing a new employee assistance program, offering free independent counselling services to customers in need
    • Through our innovation program delivered new tools for customers such as Quiggy – an application for parents to teach and kids to learn about money
    • Evolved our policies to be more supportive for first-home buyers. For example, we’ve started including grants as part of a customer’s deposit
  • Previous targets
    Aim to have top quartile Main Financial Institution Net Promoter Score amongst our most direct competitors
    Develop competitive products in key customer segments. For example, this year we strengthened our niche business strategy through our new BOQ Finance Cashflow Finance business. We also relaunched a Virgin Money superannuation product and a kids’ transaction account. Looking ahead, we’ll introduce a new customer credit insurance product and new financial market risk management solutions for interest rate, trade finance and foreign exchange.
      Identify key deposit product and service gaps for priority customer segments
    Improve our data analytics using quality information to better understand customers’ needs to drive an improved value proposition consisting of a more tailored product offering and process
      Investigate partnerships with fintechs whose offerings align with our niche customer strategy
    Continue investment in customer information security with a focus on threat detection and response capabilities and digital channels
      Reduce fraud by introducing SMS notifications for customers expecting new cards
    Improve mobile apps for BOQ and Virgin Money – this year we introduced a Virgin Money credit card mobile app
      Investigate options for improving customers’ web experience with a refreshed website platform and new tools that personalise content. We’ve already launched an improved platform for Virgin Money and in the year ahead will roll out an upgraded website platform for BOQ
    Implement 24/7 social media support
      Introduce click to chat / call options on our website to connect online customers to our Customer Care Centre
    Upgrade ATMs 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 
    Implement new digital foreign exchange and international payments platform to enable customers to manage foreign currency risk 24 hours a day 
      Launch BOQ Finance’s new Lease Management System to standardise the leasing lifecycle processes and create a simpler, more efficient process that’s better for customers 
  • New targets
    • Speed up credit decision and loan approval times for small business customers through introduction of scorecards
    • Further develop Application Programming Interface Gateway to better partner with third parties and offer more personalised customer experience
    • Introduce Customer Connect a new platform offering greater features to provide more digital support for customers
    • Integrate all avenues of customer feedback into one central source, to help us capture and respond to feedback better
    • Further develop BOQ Finance expertise in niche segments of agriculture and medical
    • Introduce a Customer Engagement Platform that gives us a single view of customers across all products
    • Review every element of loan lifecycle from application to settlement so we transform lending to better manage workflow volume changes, reduce rework and turnaround times, and improve customer experience
    • Develop capability to deliver specific deposit products in more customer-centric ways to key customer segments




  • 2017 Financial Year Achievements
    • Continued to strengthen our conduct and culture, focusing everyone in the organisation on retaining the trust stakeholders have placed in us by:
      • Reinforcing our Group-wide commitment to ethical conduct with industry leading commitment, promotion and engagement with the Banking and Finance Oath
      • Benchmarking our conduct risk through a new principles-based conduct risk framework
      • Increasing our risk culture oversight through the introduction of risk culture dashboards to monitor a number of data points on a regular basis
      • Continuing to move our Owner Managers onto a new balanced scorecard as they renew their franchise agreement. This scorecard includes a wider range of metrics including compliance, providing better outcomes for Owner Managers and their customers. Almost 80% of our Owner Managers are now on the new agreement
    • Improved the sustainability of our funding profile throughout economic cycles by:
      • Further diversifying our investor base and accessing new sources of funding by launching the first conditional pass-through covered bond program by an Australian bank in Australia
      • Continuing to grow customer deposits and strengthening our long-term wholesale funding, putting us in strong position to adapt to the introduction of the net stable funding ratio
    • Enhanced divisional level governance by:
      • Increasing business engagement, oversight and management of operational risks by introducing operational risk committees based in BOQ divisions
      • Strengthening divisional financial forecasting and reporting transparency and timelines by introducing new reporting profiles and processes supported by dedicated staff aligned to divisions
      • Empowering divisions to improve processes by increasing their access to data. We’ve done this by consolidating a range of business processes into one workflow management system which will also streamline and automate processes
    • Continued conservative lending approach kept us ahead of industry on a number of trends, limiting our exposure to apartment development hotspots and minimising the impact on our portfolio from the mining downturn
    • Improved our insight into risk, strategy and pricing and created a ‘source of truth’ by establishing an analytics council that draws on information from analysts from across the organisation
    • Improved tax transparency with introduction of voluntary Tax Report published at our half-year results
  • Previous targets
      Align long term remuneration practices more closely to shareholder returns.
       Leverage data analytics to build out efficiency and quality of our credit decisions.
      Shift compliance management framework so it meets not only Australian but also global standards.
      Create mandatory online module for all employees from bespoke ethics training program.
      Leverage relationships with key vendors to drive more collaboration, co-investment and innovation, and introduce enhanced partner management frameworks and supporting governance
  • New targets
    • Move to new collective and provisioning global accounting standard as part of implementing IFRS 9
    • Further strengthen risk profiling by bringing whole Group across to a consistent, more granular risk grading methodology



People & Culture

  • 2017 Financial Year Achievements
    • Heightened focus on creating a culture that is a source of strategic advantage:
      • Company culture diagnostic conducted to develop roadmap to desired future culture aligned to our strategy
      • Company values of integrity, collaboration, impact and passion embedded by running team workshops encouraging people to think about how they demonstrate the values in their daily work
      • Company values added to performance review process
      • Launched Teamgage, a monthly team-based online culture measurement tool
      • Support provided to introduce divisional-lead engagement committees, divisional Group Executive lead team meetings and lunchbox learning sessions.
    • Continued focus on developing capability of our people by introducing a new role dedicated to franchise development and engagement. This role supports new and existing Owner Managers through formal mentoring and coaching, helping them execute their first 90 day business plan, sharing best practice through the network and looking for ways to improve the business.
    • Furthered our commitment to a diverse and inclusive workforce by:
      • Increasing our focus on broader inclusiveness initiatives beyond gender. This year we conducted our first ever diversity census to better understand our workforce composition and ran workshops to underpin our progress towards a Reconciliation Action Plan.
      • Being included in the 2017 Bloomberg Financial Gender-Equality Index which measures gender diversity progress
    • Continued focus on wellbeing of our people by:
      • Delivering wellbeing plan focused on physical fitness, nutrition, family/domestic violence and mental health
      • Rolling out mental health awareness training for all employees, including face-to-face training for leaders
      • Delivering within a division a 12-month safety campaign focused on mental health awareness, incident reporting and investigation, housekeeping and ergonomics
    • Increased internal collaboration and innovation by introducing Yammer, an enterprise social networking service
  • Previous targets
      Continue to drive employee engagement. This year we further embedded a values-aligned culture, and in the year ahead we’ll build our leadership capability with an integrated leadership program, including personal pathways for leadership development.
       50% female representation in leadership roles by 2020.
      Evolve internal female leadership development program.
      Pilot flexible working policy in customer contact centre.
      Increase virtual delivery options for compulsory training for new employees.
      Implement Wi-Fi across all support centres and key branches to increase staff collaboration, satisfaction and efficiency.
      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.
      Keep Lost Time Injuries to 11 or less.
      90% of WHS incidents to be reported within 24 hours and investigated within 48 hours.
  • New targets
    • Introduce new integrated leadership program with new leadership competency framework and personal pathways for leadership development
    • More personalised, proactive and practical on-the-job training for new starters in retail divisions
    • Deliver a new training program to frontline and support staff specifically aimed at improving our customers’ experience and loyalty by meeting more of our customer needs, implementing a consistent approach to service excellence and increasing the quality of coaching provided to our people
    • Measure and benchmark alignment to values across the organisation
    • Lost Time Injuries to remain below industry average
    • Roll out across organisation safety campaign focused on mental health awareness, incident reporting and investigation, housekeeping and ergonomics




  • 2017 Financial Year Achievements
    • Continued our reconciliation journey by:
      • Launching a partnership with Clontarf Foundation which aims to close the gap and reduce Indigenous disadvantage – our funding was directed to supporting the expansion of the Clontarf Foundation in our home State of Queensland, specifically in the establishment and ongoing operation of 6 new Clontarf Academies in Cairns
      • Including Indigenous culture awareness sessions in number of leadership training events
      • Formalising our commitment by commencing our Reconciliation Action Plan
    • As part of our community programs:
      • Raised $211,000 for BOQ’s Banking on our Kids appeal, supporting Children’s Hospital Foundations Australia
      • Donated almost $45,000 to Children’s Hospital Foundations Australia through Sharing with our Kids, our shareholder dividend donation program
      • Raised $100,000 through BOQ’s ‘It’s Possible’ Cycle Tour held in support of Children’s Hospital Foundation Queensland
      • Partnered with Code Club enabling them to open 50 additional clubs in schools in regional Queensland to help close the digital skill gap in Australia through free after-school coding lessons for female students
      • Donated $48,300 to support employee fundraising efforts through our dollar-matching program
      • Donated more than $13,000 to not-for-profit organisations through our Workplace Giving program
      • Collected 530kg of clothes through our Uniform Recycling Program, saving old uniforms from landfill
      • Helped keep the arts accessible in Queensland through our support of $30,000 to Brisbane Festival
  • Previous targets
      Actively engage in public policy discussions and forums that create an efficient and multi-tiered banking system that puts Australian consumer and business interests first.
       Continue to develop our community partnerships to make a positive difference on issues affecting young Australians, and invest in the communities in which we operate




  • Previous targets
      Benchmark emissions and carbon footprint.
       Implement solutions to reduce paper by digitising processes. This year we introduced e-statements and electronic invoice processing.
      Review pilot program conducted to reduce energy consumption in branches, and determine whether and how it can be rolled out across branch network. This pilot delivered cost and emission savings. In the year ahead, we’ll look at how we embed this program in the broader retail strategy.
      Introduce e-statements to reduce paper usage, estimated to save more than 600,000 sheets of paper a year.
      Introduce electronic invoice processing, making paper invoices obsolete.
      Review and evolve Ecological Care and Sustainability Policy. This year we introduced a section on Animal Welfare.
  • New targets
    • Review how workforce use head office space to ensure most efficient use of property space saving floor space, electricity and resources use such as desks