Defence Bank celebrates 10th anniversary as a mutual bank.

It’s a historic month for Defence Bank and members as we celebrate our 10th year as a mutual bank.

We have a proud history of delivering a core service for members, which was the very basis for Defence Force Credit Union Limited (Defcredit) starting in 1975.

Through the years, Defence Bank has retained its passion for putting people first and serving those who protect us.

Defence Bank Chief Executive David Marshall, who has led the Defence Bank team since 2018, said the 10th anniversary is a time for reflection and also signals a bright future.

“Defence Bank has come a long way since 1975.

“But its founders would still see an incredibly strong member-first ethos which guides everything we do. We are in the very unique position to ‘serve those who protect us,’ and we take this very seriously.

“When mutual banks became possible, it was part of a renewed hope for the mutual sector to be a “fifth pillar” of banking and make it easier to take on the majors.

“The move to bank branding has certainly provided some improved cut through and awareness.

“But as we know in banking, what’s more important to members is much more than a name or the words wrapped around it.

“It’s how you act and how you value your members.

“What was critical for Defence Bank was to take members with us and respond to their needs in order to be a vibrant, innovative and trusted partner in their everyday lives.

“In the past decade we have seen an evolution of the bank that has matched societal and technological change but just as importantly ensured our member first ethos was not only protected but enhanced.

Since becoming a mutual bank Defence Bank has:

  • Grown from $1.5 billion to $3 billion in assets.
  • Established the Defence Bank Foundation.
  • Launched the award-winning Defence Bank app.
  • Launched the Defence Bank Foundation Credit Card.
  • Been an early adopter including the New Payments Platform, Apple Pay and Samsung Pay.
  • Been recognised as an Employer of choice, including a Prime Minister’s Veterans’ Employment Award 2019 for Excellence in Supporting Spouse Employment.
  • Selected as a participating lender of the First Home Loan Deposit Scheme.

“After a record December we enter 2022 with great optimism,” Marshall added.

“Our team is focused on continuing to be adaptive to the needs of members in a digital world, in person or for many of our members, while they are unique circumstances overseas or in Australia on deployment.”


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