By embracing change and driving innovation, BNF Bank p.l.c. is helping to shape the financial services in Malta and beyond
Standing at the forefront of an ever-evolving financial landscape, driven by technological advancements and evolving customer expectations, BNF Bank maintains its continued success as one of Malta’s leading financial institutions. Coupled with a steadfast commitment to sustainable practices and dedication to placing its customers at the forefront of its operations, David Power, CEO of BNF Bank p.l.c. comments: “It’s absolutely key that we map and understand the diverse needs of our clientele requiring substantially different strategies, processes and support to achieve growth.”
“A well thought-out strategy of targeted customer focus, digital transformation and agile tailored financial solutions covering personal and business lifecycles, is an essential prerequisite to spur BNF’s status forward as Malta’s bank of choice,” continues Power. In line with its efforts to meet and exceed clients’ expectations, the team of BNF Relationship Managers offer retail and corporate clientele long-term solutions that propel them towards their personal and business goals, which in turn supports the economy.
People: At the heart of BNF’s business
“Customer satisfaction is not just a metric – it’s the driving force behind every decision we make,” states Power. A key focus moving forward is to build lasting relationships through personalised experiences and open communication, traits BNF Bank is renowned for. This accessibility and emphasis on communication permeates Power’s approach, and it is the CEO’s belief that “success is driven through people – if people are empowered to make the right decision, they’re then empowered to delight our customers which in turn drives business success.”
Continued success: Testament to BNF’s vision
Over the years BNF Bank has established itself as a leading financial institution in the local market, a position attributed to its pursuit of excellence and the commitment of its team. Like many other institutions, BNF Bank has weathered various economic challenges, and its success is a testament to its resilience and adaptability. “I am delighted to continue the successes laid out by my predecessors, who have navigated the bank through diverse market conditions and positioned us for long-term growth,” notes Power.
His vision as CEO is to continue building on this solid foundation, fostering innovation and collaboration to redefine possibilities, to set new standards, and achieve remarkable outcomes. The goal, he points out, “is to find the balance between over-regulation and excessive risk-taking, bearing in mind that calculated risk drives economic growth.”
Upholding integrity and adhering to risk and regulation
In an increasingly complex financial environment, adherence to risk management and regulatory practices is of paramount importance. The commitment to rigorous anti-money-laundering (AML) policies and continuous improvements in BNF’s monitoring and reporting capabilities, contributes to a safer and more transparent financial ecosystem. “We have always held ourselves to the highest standards of integrity and compliance. Our robust risk management framework ensures that we maintain a strong financial position while safeguarding the interests of all stakeholders,” Power says.
An enhanced digital experience
In an era where change happens rapidly, BNF Bank has become adept at adapting, and proactive in proposing, effective tailor-made solutions to its customers. Whereas the broad technology trend is clear, the demand for a digital experience is still tempered by the demand for human interaction for key banking services. Indeed, one of the most significant impacts of digital transformation on brick-and-mortar banks, is the shift to how banks engage with customers.
“Whereas our twelve physical branches across the Maltese islands remain a crucial means of interacting with our customers, we recognise there needs to be more to meet our customers’ expectations,” says Power. The recent unveiling of BNF’s new and enhanced website marks a significant milestone. With a responsive design, robust security measures, and a streamlined user experience, this intuitive platform is designed to provide customers with an enhanced digital experience.
The significant investment behind the scenes in preparation for the next phases of development will see BNF Bank partnering with Temenos to implement Temenos Transact and Temenos Infinity – regarded as one of the most successful and widely used digital core banking solutions in the world. This emphasis on digitalisation is set to continue, with internal processes being installed through Temenos to make regulatory and operational requirements more effective and efficient.
Building for a better tomorrow
The demand for financing to fund sustainability-focused projects is on the increase, despite market and geopolitical headwinds, according to Power. He indicates that companies’ sustainability commitments and the momentum of ongoing initiatives are driving a “level of activity that is growing very fast – that’s not going to stop any time soon.”
Sustainability is an integral part of an organisation’s values and business strategy, fundamentally reshaping business models as well as delivering on community needs. “Establishing a balance between attaining commercial growth and driving progress in social areas is indispensable to foster economic development and community well-being,” notes Power.
“ESG is the latest buzzword around the world – we as a business have an obligation to protect the environment and to guide future generations to do things right. To this end, we’ve set up an ESG Committee to paint the broad brushstrokes of what we want to achieve. The objective is to grow constantly and sustainably,” he asserts. Sustainability is both an operational challenge and a business opportunity, and it is therefore imperative for banks today to find viable sustainability models that balance business value and stakeholder expectations.
Looking forward: Embracing change with confidence
“As we look to the future, we are excited about the opportunities and challenges that lie ahead. Our stakeholders play a vital role in this journey, and we are committed to forging strong, collaborative relationships with each one. Together, we can embrace change with confidence and drive innovation that shapes the future of the financial industry.
“The success of BNF Bank is a collective effort, and I am confident that our united dedication will propel us to new heights” Power concludes.