‘We’ve opened accounts in all 22 provinces’: CreditBank PNG CEO on what’s driving his bank’s rise

Results have exceeded expectations, with 70 per cent of new customers opening accounts entirely online through our digital app without ever having to come into the branch. Customers can use the app to verify their identity, set up login details and access a Visa debit card instantly. We’ve opened accounts in all 22 provinces.

We’ve had significant corporate interest from companies looking to open accounts for all staff, where we’ve sent team members to their location and onboarded those employees. It’s been an outstanding success for us.

“We believe our mobile app and online banking app are best in class in PNG. We’re always looking at how we can enhance these.”

The Visa debit card has been a big winner. We’ve had customer after customer travel overseas and use their card without any issues whatsoever. Giving customers access to their account without having to take cash or foreign currency has been a big winner for us. The feedback has been very positive.

Our other major drawcard is our fee-free banking. When customers regularly deposit part of their salary – whether weekly, fortnightly or monthly – their monthly account‑keeping fee is waived. On top of that, customers using our Visa debit card or credit card also avoid EFTPOS and ATM fees nationwide regardless of ATM provider, meaning transactions and withdrawals appear on statements without additional charges.

We are also emphasising improved service and security through our mobile app. If a customer loses their wallet or debit card, they can immediately log into the app, using facial recognition if enabled, to block the card, stop certain transaction types, or manage account settings within seconds. This provides full control outside branch hours, allowing customers to prevent fraudulent activity and manage their banking needs independently and conveniently.

CreditBank recently launched a highly competitive fixed‑rate home loan at 4.99 per cent for the first 12 months. This offer applies to new home purchases and refinancing, giving customers full access to the bank’s products and services. Customer uptake of home loans, personal loans and credit cards continues to grow.

We believe our mobile app and online banking app are best in class in PNG. We’re always looking at how we can enhance these and make online banking easier. We want to create that digital transformation that needs to happen in this country.

We’re rolling out EFTPOS terminals to our business customers and that is encouraging other new commercial customers to come onboard. We’re also looking at things such as SoftPOS for customers instead of having a chunky EFTPOS terminal. We’re asking, “Is there an opportunity to do things differently?”

We are looking at an agency arrangement where our customers will be able to have a wider branch network.

Given that we have the capability and the functionality to issue Visa debit cards, there’s an opportunity for us to expand our offering to some of the other financial institutions in the country that don’t have that capability, and that will drive additional revenue for the group.

New market entrants are looking to expand their product offering. The challenge always is making sure that your systems and your capability and your apps are fully functional from a customer perspective.

We’re very confident about our capability and our functionality. We are seeing other established banks increasing their focus on customer experience, including their digital offerings, which we think is a good thing for everybody. We think that’s a case of them reacting to the competition in the market that we’ve been able to create for our new bank customers.

We’re very positive about the economy. We do expect some positive news in the not-too-distant future in relation to some of the extraction industry [projects] – and that will drive further growth.

The middle‑market segment is expanding, supported by rapid adoption of digital technology and increasing smartphone use nationwide. Vodafone’s recent major investments in PNG reflect strong confidence in the country’s growth prospects, and this is mirrored in the steady rise of the bank’s customer base.

These developments are expected to drive employment and boost disposable income across the economy. Workers within these growing industries represent a key target market for the bank, reinforcing optimism about future opportunities in PNG.