ME Bank eyes industry peaks

ME Bank aims to triple in size by 2020, a goal CEO Jamie McPhee aims to achieve through organic growth.

"We have two key targets," McPhee said yesterday. "One is one million customers; that's up from 250,000 two years ago and 315,000 today.

"Now, tripling the size of customer numbers organically, that's never really been done in the history of banking."

Mortgage settlements must walk from $3.8 billion in 2014 to $4.9 billion this year, and then $6 billion and $8 billion, McPhee said.

Locked gates are now open at ME Bank. Brokers started selling mortgage product in 2011.

This year ME dropped the requirement that customers align with an industry superannuation fund. Anyone may now buy the bank's services.

ME's digital journey will include an "ecosystem [centring on] your financial health," McPhee said.

A financial budgeting tool will be one prop in a wider vision.

"We are building a financial economic systems that gives people better financial data to make more informed decisions," McPhee said.