Former Westpac consumer banking chief George Frazis will take the helm at Bank of Queensland in September.Credit:Peter Braig
Chairman Roger Davis said Mr Frazis would likely"tweak"the bank's strategy,but it was clear BOQ needed to push ahead with a digital transformation,while lifting productivity and reversing market share losses in its traditional retail bank. BOQ also runs the Virgin Money and BOQ Specialist brands,which have been performing better.
“There’s nothing new there,the strategy’s about fixing a problem child,” Mr Davis said.
As all banks look to lower costs to deal with softer revenue and the threat of lower cost technology-based rivals,Mr Davis said expenses would be"assiduously managed” under Mr Frazis.
“We’ve got to compete with a new breed of competitors that have cost bases way below where we’re operating,” he said.
BOQ has previously admitted its digital platforms are not up to scratch,saying in April that its technology was hampering its ability to attract customers.
In a statement,Mr Frazis nominated “digital innovation” as his top priority for the bank.
“Disruption across the industry is moving at pace. The BOQ board and I recognise the need to respond decisively to address the challenging environment facing BOQ,and indeed all banks,"he said in the statement.