Financial services technology provider Decimal has entered into an agreement with Western Australia-based P&N Bank in its first step into the mutual banking market.
Decimal said that as part of the agreement, the bank – which serves more than 100,000 members – will "evaluate Decimal under a partnership framework" with a view to commercially implementing its platform.
"The P&N partnership signals an expansion for Decimal into the mutual banking sector in Australia, representing $85 billion in assets and serving some four million customers," Decimal chief executive Carolyn Colley said.
"P&N has recognised the potential to fast track its growth through its partnership with Decimal, which will seek to enable it to offer cost-effective financial advice to a broader population of its members and the market," she said.
P&N chief executive Andrew Hadley added that the partnership is "another example" of the bank's commitment to meeting its clients' financial needs.
Decimal's partnership with the bank follows a number of other agreements it has made with QSuper and Mercer.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Nov 2018FASEA standards still raise questions: AFABy Eliot Hastie
- 20 Nov 2018Industry group slams ‘cosmetic’ changes by FASEABy James Mitchell
- 20 Nov 2018‘Culture’ at the heart of CBA advice failingsBy Adrian Flores
- 20 Nov 2018Netwealth reveals new licensee partnershipBy Adrian Flores
- 19 Nov 2018ClearView launches dealer services offerBy Adrian Flores
- 19 Nov 2018Lonsec introduces super research to advisersBy Sarah Simpkins
- view all