Digitisation helps Suncorp Group’s half yearly earnings

Forecasted focus on delivering for customers, further digitising, and automating the core businesses.

Australian financial services organisation, Suncorp Group Suncorp has delivered strong results for the first half of 2020, with cash earnings of A$509 million, up 39.5 per cent. The financial services attribute a refocused strategy that includes further digitisation to become more efficient.

According to Steve Johnston group CEO at Suncorp digital sales continue to track higher as our tools and capabilities improve and as customer behaviour changes through COVID-19.

“For example, sales of AAMI motor policies through digital channels were 17 per cent higher than the prior period,” he stated. “Technology will be a key enabler across all businesses and key to the successful delivery of most projects.”

Johnston stated technology projects will be overseen by Adam Bennett CIO (appointed July ’20) and his team.

“Aspirationally, Suncorp Bank should be able to grow ahead of system, not multiples of system but ahead of system,” noted Johnston. “I think a focus on revenue growth, continuing to leverage the great work that’s been done on the deposit side, utilising the digital infrastructure that we’ve put in place, transition that out of deposit side into lending with a focus on revenue growth there and this determination we have to right-size the Bank’s cost base relative to its peers.”

Clive van Horen CEO banking and Wealth CEO said the big shift to digital, and the store optimisation. “We’ve moved from 160 stores or branches five or six years ago to 93 as we stand here,” he said. “We will continue to optimise that footprint as the shift to digital happens.”

Key technology updates:

Increased technology costs including an investment in a new enterprise-wide telephony program.





Leave a Comment

Related posts