Decimal partners with P&N Bank

Financial planning technology group Decimal has formed a partnership agreement Perth-based P&N Bank as it seeks to expand its service offering to a broader range of members.

In a statement, Decimal said the agreement with P&N was its first step into the mutual banking market.

Decimal will offer P&N its financial services advice platform, which helps enterprises to manage every step – from finding new customers, to servicing them, through to execution and online tracking.

Decimal chief executive Carolyn Colley said P&N recognised the potential to fast-track its growth by partnering with the company.

“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,” Ms Colley said.

Decimal also said it was in advanced discussions for other potential partnerships with leading institutions in Australia and in the US.

P&N chief executive Andrew Hadley said the partnership with Decimal was an example of the company’s commitment to continue to meet the evolving financial needs of its member base while delivering innovative digital capability and high engagement.

Decimal shares were 22.2 per cent higher to 11 cents each at 1:30pm.