It also increases workforce by 20% and upgrades IT infrastructure
Commercial asset finance lender Metro Finance has appointed David Bridges (pictured) to the newly created role of chief information officer (CIO) as part of expansion efforts by the non-bank lender.
Bridges joins from Qudos Bank, where he spent 19 years in various roles, including as CIO for 17 years. There, he led the bank’s digital transformation, highlighted by the launch of a mobile banking app and new lending origination platform. He also established the bank’s cybersecurity and IT risk management framework. Previously, Bridges was digital transformation program director and information service manager at Qantas Credit Union (now Qudos Bank).
At Metro Finance, Bridges will lead the technology team in the planning, development, and delivery of a technology strategy to continuously improve the company’s loan platforms and capture a greater market share as the industry grows.
“Metro has the capabilities and open-mindedness to push the technology envelope,” Bridges said. “I will use my experience working to the ADI standards to uplift and mature Metro’s technology, while also having the freedom to be innovative, which is important in a competitive market.
“We want to continue increasing the user-friendliness and efficiency of our lending platforms for customers and brokers. That means making it easier to find information, apply for loans and to get faster turnaround on loan applications. This will support our growth and help expand our market share.”
Metro Finance CEO and founder Phillip Crossman said the appointment of Bridges to the executive team indicates the commitment that Metro has given to its cybersecurity and risk management framework.
“David will be central to Metro’s continuing improvement to its processes and technology to deliver efficiency benefits and a superior broker and customer experience,” he said.
Alongside Bridges’ appointment, Metro has increased its workforce by 20%, upgraded its IT infrastructure, and expanded its head office to stay ahead of its growth.
In the past year, Metro Finance successfully closed two capital markets transactions totalling $1.2 billion, drawing investors from Europe, Asia, and Australia, alongside announcing a $67 million institutional equity placement.
Since its inception in 2011, Metro has secured over 60,000 customers and grown its loan portfolio to exceed $3.5 billion, maintaining an average annual growth rate of 30% over the last five years.
Recently, the lender expanded its service offerings to include consumer car loans and novated leases, significantly improving its products for salary packagers. In fiscal year 2023, the company saw a 237% increase in novation volumes, aligning with industry trends where equipment finance surged by more than $2.5 billion from FY22 to FY23, according to the Australian Finance Industry Association.
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