‘We want to be known as the best at everything we do’ – David Power

In the competitive landscape of Malta’s banking sector, BNF Bank is positioning itself as a digital pioneer while maintaining a distinctly human touch. Led by CEO David Power, the bank is undertaking an ambitious digital transformation that could reshape banking in Malta, all while expanding its physical presence and international reach.

Two years into his role as CEO, David Power’s leadership philosophy at BNF Bank centres on transparent communication and resilience. “Communication is vital,” he emphasises in his signature animated manner. “In being as transparent as possible, you can allay a lot of the concerns and fears people may have.”

This approach has proven crucial during the bank’s extensive digital transformation, which has become central to David’s legacy.

“You’ve got to be able to share the vision of where we’re going. The one constant we have in life is change, so showing that change isn’t something to fear is also an important message,” the CEO acknowledges, affirming, “you’re always going to lose some people, but that’s part of the game for a transformation.” Yet, he counters, those who remain have experienced unprecedented growth opportunities. “The ones who have hung in there and grown with the bank have learnt an enormous amount because they’re getting opportunities they would never normally receive,” he smiles.

David explains that his commitment to hands-on leadership starts early – very early. “I get up every morning at 4.30am,” he reveals. This early start allows him to handle communications with shareholders in different time zones before attending to family responsibilities. “Between 4.30am and 5.30am, it’s an opportunity for me to catch up on overnight mail and review meetings lined up for the day.”

This schedule reflects his emphasis on work-life balance, learnt from past experience. “One also has a family and life to live, so getting the balance right is important,” David maintains.

A cornerstone of David’s leadership is BNF Bank’s digital transformation, which stands out for its comprehensive approach. Rather than following the industry norm of adding modern interfaces to legacy systems, BNF has taken a bold step. “Most banks just put middleware around their existing legacy system,” the CEO explains, “but what we’ve done, which is quite unique, is build an entirely new core.”

Working with specialised software company Temenos, BNF will be one of only two banks globally to implement this new cloud-based system, with the transformation extending to their card offerings as well. “We’re moving from Visa to Mastercard – we’ll be the first local issuer in Malta to issue Mastercard,” David notes.

The centrepiece of this digital revolution is BNF’s new banking app. “The app is unbelievable – it will allow you to manage your entire banking relationship,” David enthuses, going on to highlight another triumph: impressive results from the straight-through processing capabilities of the bank’s digital onboarding system, when it comes to opening an account online. “Over 80 per cent of our new customer onboarding has gone straight-through, with only 20 per cent needing branch review. We’ve brought in over 1,300 new-to-bank customers this way.”

While pushing digital boundaries throughout David’s tenure, BNF hasn’t neglected its physical presence, the CEO points out. “When we go live this year, it’ll be a fundamentally different ball game. BNF will be seen as a challenger bank with a challenger digital offering, but we’re also focused on serving clients face-to-face,” David states. In fact, the bank recently opened an innovative branch at Campus Hub, featuring a design that breaks from traditional banking aesthetics. “It’s very much like walking into a sitting room in a home,” the CEO describes. “It’s a great change from some of the more austere branches we had, and we’re going to drive that change across the network.”

The bank has also secured approval for a UK branch, marking a significant milestone in its international expansion. “Being the only bank in Malta with a licence to operate in the UK has been a huge win for us,” the CEO states, adding that the move has already yielded results: “We’ve done a number of deals for our customers in London, and we can finance them in Sterling, which is a difficult challenge for a bank based in Malta on its own.”

At the heart of BNF’s strategy, however, lies a steadfast commitment to customer service. “We have a saying at BNF that every decision taken must consider how it will impact the customer,” David explains. “We try our best to ensure the customer sits at the centre of our universe.”

This commitment extends to their development process, with customer input driving product development. “The BNF app has been through numerous customer-driven focus groups,” he notes, affirming that the bank aims to strike a balance between digital efficiency and personal service.

Setting his sights on the year ahead, David’s vision for BNF’s future combines technological advancement with sustainable growth. “We want to be known as the best at everything we do. We’ve never professed to be the biggest – we just want to be known as the best bank,” he asserts.

And in today’s interconnected financial world, agility is crucial. “Ten years ago, if something happened in Poland or South Africa, the impact wouldn’t have been felt as quickly as it does today,” the CEO observes. This reality requires ongoing vigilance: “The challenges are constantly being agile, being on your feet, reading about what’s happening, and understanding the implications.”

The bank’s approach to growth reflects this measured outlook. “We believe very much in organic and sustainable growth. We’re building the balance sheet and the business on a sustainable basis that can last for a long time,” David smiles.

And as BNF Bank continues its transformation under his leadership, it’s clear that the institution is positioning itself not just as a bank, but as a technological leader in Malta’s financial services sector. With its unique blend of digital innovation and personal touch, BNF is crafting a banking experience that could well serve as a model for regional banks looking to modernise while maintaining their community connections.

This article is part of the serialisation of 50 interviews featured in Malta CEOs 2025 – the sister brand to MaltaCEOs.mt and an annual high-end publication bringing together some of the country’s most influential business leaders.