In an insightful interview, the owner and manager of BOQ Aitkenvale, a prominent bank in Townsville, discusses his journey from business banking to branch ownership. He highlights the bank’s customer-focused approach, services for migrants, support for local businesses, and his involvement in community initiatives.
Can you tell us a bit about your journey as a Banker and Business owner in Townsville?
I started with BOQ’s in late 2019 as a Business Banking Manager and was incredibly impressed with the bank’s focus on delivering outcomes for local people. The opportunity to purchase the Aitkenvale Branch presented itself and in July 2022, I took over the Branch. Previously joining BOQ, I was fortunate to work with some great local businesses after spending nearly 15 years with one of the major Banks.
Can you provide some insights on how BOQ Aitkenvale caters to the needs of migrants, particularly from the Indian community?
BOQ is the only bank where branches are individually owned and not run by head offices in Capital cities. No matter what your cultural background, everyone needs to have a bank that they can trust and people they can talk to either face to face or over the phone without having to call a call centre.
As the owner of a bank, what kind of support does BOQ Aitkenvale provide to small businesses in Townsville?
The main advantage is that they will be dealing with someone who is also in business and aware of the challenges we face having your own business. A lot of the banks now have business relationships that are only conducted over the phone and you never get to meet the person face to face. Whilst this might be convenient for some people, we find that when people face adverse situations, being able to speak to someone in person is a lot more favourable than someone you have never met over the phone.
Could you tell us about some of the specific services you offer to your customers in terms of residential and commercial property loans?
Like all banks, we have a variety of home loans that are on offer when purchasing a property. BOQ offers some very competitive terms when dealing with Commercial Property loans which I feel sets us apart from other banks. You will be dealing with the owner when purchasing a commercial property.
What steps does BOQ Aitkenvale take to assist first-time home buyers with their loan process?
Talk to someone as soon as you can so you can get an idea on where you need to be financially to get to your goals. The main thing is to have as big of a deposit as you can, this way you can avoid or reduce the Mortgage Insurance premium payable which applies when you borrow over 80% of the purchase price.
How would you describe your team at BOQ Aitkenvale, and what do you look for when hiring new staff members?
Customer and service and being able to hold genuine conversations with people. My staff are my most valuable asset and every day, I try and make our workplace the best place to work.
Could you elaborate on your involvement in community support and ventures?
Being relatively new in business, I have been focusing on local events to provider support to. For my staff who have children, I am supporting their sporting teams they play for. I also provided the Aitkenvale Primary Schools Community Hub with five sewing machines. The Community Hub is a place for mums and bubs of families who have migrated to Australia from diverse backgrounds to connect with other women, share stories and learn new skills.
Many Indians living in Townsville are also passionate about cricket, being their favourite sport. As a sportsman, have you ever considered using this to form a stronger bond with the Indian community in Townsville?
I have been involved in Cricket for most of my life and in the last few years, have been the coach of a local team that plays in the pre-season T20 competition. Through doing this, I have had the opportunity to connect to a number of passionate fans of cricket.
What are some of the unique challenges and opportunities you’ve experienced in the field of business banking in a multicultural city like Townsville?
I think the main challenge I find is that people don’t necessarily think about alternative options to their current bank when looking at their Business Banking. BOQ Aitkenvale will always have someone you can talk to about your needs.
How does your background in sports and biking influence the way you run your business?
I think both my sporting and professional backgrounds has allowed me to experience a diverse range of leaders. I like to have fun but understand that the team needs everyone pulling in the right direction to achieve what we want to. I am not someone that micro managers the staff and they know they will always have my full support.
Finally, how do you envision the future of banking, particularly in relation to your customer base here in Townsville?
There is always going to be a segment of the population that want to deal with someone face to face. We have experienced customers leaving for online options and it is always an interesting experience when something goes wrong, and they are trying to get it fixed. People may not necessarily feel they need to know their Bank Manager, but I am sure they wish they did when they are facing an adverse situation.
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