BNK Banking Corporation Limited (ASX:BBC)
BNK Banking Corporation Limited (ASX:BBC) is a diversified financial services company with two key operating divisions in banking and mortgage broking aggregation:
The company has operated as an APRA-regulated authorised deposit-taking institution (ADI) for over 37 years. As such its customers benefit from the Australian government deposit guarantee scheme for deposits up to $250,000. The bank provides simple and easy to understand deposit accounts, personal loans and mortgages under a number of brands: Goldfields Money, which is used in the Goldfields region of Western Australia, complemented by the Better Choice Home Loans brand, distributed via mortgage brokers nationally. BNK Bank also plans to offer a new range of product under the BNK brand. The Company is continuing to develop its new digital banking platform which will enable it to deliver a broad range of banking products directly to customers, as well as through third party intermediaries across Australia.
The Aggregation division, operating as Finsure, provides one of the largest distribution networks in the country as well as valuable market insights that assist BNK with product development. As at 30 June 2020 the business serviced 1,740 mortgage brokers and managed a loan book in excess of $45.4bn. This unique combination allows BNK to develop competitive products that meet its changing customer needs, leveraging its low-cost, technology-driven model. BNK is focused on becoming a challenger bank of scale through building its product portfolio, growing its diversified distribution network and pursuing API-enabled partnering opportunities.