People First Bank marks two years of growth, progress and purpose

Steve Laidlaw

Two years on from the successful merger that created Australia’s largest customer-owned bank, People First Bank is celebrating strong growth and major investment in digital transformation to deliver simpler, smarter banking for its customers.

Formed in March 2023 through the merger of Heritage Bank and People’s Choice Credit Union, People First Bank has grown into one of Australia’s most trusted banks, with more than 700,000 customers, approximately $25.5 billion in total assets, and a clear purpose: to create positive change through banking.

“At a time when many Australians are looking for something better from their bank, we are proud to be delivering a real, customer-owned alternative – one that prioritises people and communities,” CEO Steve Laidlaw said.

“Over the past two years, we have made strong progress in modernising our systems and simplifying our processes, while staying true to the values and culture that set us apart. “We have grown our customer base, lending and deposits, supported our people, and invested in the regions that helped build us.”

The bank is now accelerating a new phase of technology investment and innovation. A nextgeneration Mobile App and upgraded Internet Banking platform will launch in coming months, alongside a new lending system to make it easier and faster to access finance – online, over the phone or in person.

“These investments are only possible because of the scale and strength our merger has provided,” Mr Laidlaw said.

“We are building a world-class digital banking platform with the agility to evolve and meet future needs. This will create a simple, secure and innovative banking experience for our customers.”

Over the past two years, People First Bank has achieved:

• The launch of its new People First Bank brand, now well advanced in its national rollout.
• Expansion of 24/7 call centre service nationally.
• Establishment of a dedicated scams hotline and enhanced fraud support.
• Broadening of Saturday trading in selected sites to better support customer needs.
• Investment in community and environmental programs, including $9.3 million in community funding in the past year alone.
• Employer of Choice recognition and carbon neutral certification.
• A new ‘Innovate’ Reconciliation Action Plan.

As a customer-owned bank, People First Bank remains one of Australia’s most trusted financial institutions. Its most recent net promoter score – a key independent measure of trust and advocacy – was 42, well above the industry average.

People First Bank is also celebrating 150 years since its founding in 1875 as the Toowoomba Permanent Building and Investment Society.

This year marks 150 years since our founding as a purpose-driven alternative to the major banks,” Mr Laidlaw said.

“That founding principle remains as true today as ever. We are building a modern, customerfocused bank with deep community roots – and a long-term vision to match.”

Demonstrating its enduring commitment to Toowoomba, People First Bank is advancing plans for a new five-storey head office in the city’s CBD. The development, led by local firm FKG Group, will open in late 2027.

The new building will house up to 400 employees and offer a modern, flexible workspace designed to attract top talent, support customers and serve the community.