BOQ unveils plans for a digital bank
The Bank of Queensland announced plans to become a “digital bank of the future with a personal touch,” as part of its strategy overhaul.
On Thursday, the regional bank unveiled details of its “refreshed” five-year strategy to improve on customer service, drive growth and shareholder value.
The strategy includes five pillars including a digital bank of the future that will be underpinned by a “comprehensive digital transformation”.
This will be achieved through implementation of digital and cloud based technologies starting with the investment in the Virgin Money Australia new digital bank that is well under way.
To deliver against these priorities, the bank will continue its capital investment of about $100 million per annum before scaling down to $80 million per annum in fiscal 2023 and $60 million in fiscal 2024.
In a statement the banks said that the investment would be staged and prioritised to achieving long term shareholder value.
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