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The new platform, operated by fintech Backbase’s AI-native banking operating system, now underpins People First Bank’s mobile app and online banking experience.
People First Bank was formed through the merger of Heritage Bank and People’s Choice in 2023, bringing together two distinct legacy technology systems serving about 750,000 customers nationally.
The customer-owned bank said that the new platform is designed to provide customers with simpler onboarding, stronger security, improved reliability, and a more intuitive digital banking experience.
The launch comes off the back of the development of a new residential lending platform over the past three years.
The new digital banking platform is currently being rolled out to former People’s Choice customers before going out to the merged bank’s entire customer base.
Heritage customers will continue to use their existing digital banking services while preparations for their migration continue.
Changes for brokers
People First Bank told Broker Daily that the broker channel remained a core part of the business and therefore would benefit from the bank’s technology investments.
In recent months, the bank said it has been implementing improvements to loan assessment, documentation, and processing.
It is also close to launching a new loan origination platform with Simpology and is working with aggregator partners on plans to roll out Loanapp.
“Alongside these technology improvements, we have been listening closely to feedback from brokers to improve the way we work and provide brokers with a faster, simpler and more consistent experience,” it said.
Staying relevant
As technology becomes an increasingly important competitive edge for banks, the Australian Prudential Regulation Authority (APRA) has cautioned that smaller mutuals may struggle to keep up with the pace of technological change.
In March 2025, Australian Prudential Regulation Authority (APRA) executive board member Therese McCarthy Hockey warned that mutuals that “fail to evolve could find themselves struggling to stay relevant”, identifying mergers as a potential pathway to greater scale and resilience.
Indeed, the mutual banking space has seen a string of mergers over the past year.
Bank Australia and P&N Bank confirmed they had completed the initial due diligence stage in August, while Beyond Bank and Family First Bank merged at the start of the year. Members also approved the merger of Teachers Mutual Bank and Australian Mutual Bank back in March.
People First Bank said the architecture of the technology would allow the bank to work towards unifying both banks’ original platforms and channels without replacing its core banking systems.
The platform is also designed to support future mergers by providing the bank with a strategic integration layer.
“Digital banking is the primary way most customers engage with their bank, so getting that experience right is extremely important,” Andy Weir, chief technology and transformation officer at People First Bank, said.
“Customers can now join more easily, navigate their accounts more intuitively and access improved support when they need it.
“Importantly, we have done this in a way that creates a strong basis for future delivery, allowing us to continue improving digital banking, while progressing payments and core banking initiatives in the year ahead.”
Jeremy Thomas, regional vice-president ANZ at Backbase, said the launch was a significant digital banking development in Australia’s customer-owned banking sector.
“People First Bank is one of the most significant digital launches in Australian customer-owned banking,” Thomas said.
“The team’s commitment to getting this right, from executive alignment to staff onboarding, is what made it possible.”
[Related: Is AI coming for brokers? Industry weighs impact]
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