Greg McKenna, a capital markets specialist, is the new CEO of Police Bank, taking up the job at the end of last week.
McKenna brings unusual credentials to the job, arriving at a delicate time for the industry.
He worked as treasurer at Newcastle Permanent Building Society from 2008 to 2012 and was head of currency strategy at NAB for four years before that.
McKenna may also be the first business journalist to land a CEO role in banking. He was one of the founders and also editors of the bearish financial website
MacroBusiness, later plying his trade at Business Insider.
He served on the board of Police Bank from 2012 for six years, including a stint as chair. With an eye on the top management job, he stood down to work as a consultant to the board on a new strategy for the bank.
Soon to be fully unveiled to staff and members, McKenna told Banking Day the strategy was informed by "the changes we are seeing in banking from customer preferences, digital and the interest rate cycle".
Police Bank must wrestle costs into line. Net profit fell to A$2.4 million from $8.4 million, a fall only part explained by the costs of its merger with Heritage Isle Credit Union in Tasmania.
McKenna said "part of the increase in costs is channel preferences from members", such as fast-rising use of tap and go on Visa cards.
Asked about current trading conditions, he said: "we've been doing all right.
"As a police-bonded mutual we are insulated to an extent from those job losses."
On asset quality McKenna said "the bank is seeing no material change from the usual performance at the moment, but the bank is watching closely.
"The net interest margin, I would expect it to continue to contract. I think we'll end up with a lower margin in time as the back book reprices."
McKenna, a macro strategist, reflected on the support from the industry's coordinated customer support measures announced on Friday.
"The loan holidays, they're important, a really important bridge.
"Look at households in stress. The scaffolding around the economy being put in place will give us the best chance.
"This crisis will burn itself out as they always do. I welcome these moves.
"Banks are part of the social fabric of the economy."