Auswide Bank has marked another year of record profit with plans to integrate artificial intelligence, auto-decisioned loans, digital documentation and robotic processes.
The news comes as the local bank released its results for the full year ending 30 June 2022.
Managing Director Martin Barrett said following several years of record profit growth the most recent financial year had continued this positive trend.
“NPAT (net profits after tax) of $26.132m was up 8.2% on PCP (prior corresponding period), driven by strong home loan growth and margin management,” he said.
“Through the year we have continued to expand our broker distribution and our Private Bank capability.
“We are more nimble than our bigger competitors and we are able to quickly seize opportunities in the competitive banking landscape including the roll out of new technologies which have provided new distribution possibilities and efficiency benefits.”
Mr Barrett said new technologies had also been introduced in the recent financial year.
“Our exploration phase of digital niches was completed during the period, and we are now undergoing phase two which includes a full digital experience including payment choices and ‘Anytime Anywhere Banking’,” he said.
“We will be introducing an improved loan experience through auto decisioned loans, digital documentation and robotic processes.
“Auswide will be elevating the brand across digital platforms, and we have integrated industry leading AI to retain customers as we move into a volatile period.”
Mr Barrett said Auswide Bank had continued to build strong momentum in the face of a volatile macroeconomic environment.
“Despite increasing inflationary pressures, the Queensland economy and housing market remains active,” he said.