Peter Jones - Nimo Industries: Breaking into Mutual Banks

Looking to take your leadership team to the next level? Start at tieronepeople.comPeter Jones co-founded Nimo Industries with Leann Jones after living the core banking problem himself as a mutual bank CEO. Ten years ago he decided solve the problem for himself. Today, Nimo is a platform serving over 20 Australian banks and lenders, entirely bootstrapped. In this episode of Fintech Chatter Dexter asks Peter how his mutual sector background shaped the product. Peter shares his journey bootstrapping a bank grade technology platform through APRA-grade compliance. And shares real examples of how mutual banks are growing nationally on the Nimo platform.About Peter JonesPeter Jones is co-founder and COO of Nimo Industries, the Melbourne fintech building loan origination and core banking technology for Australian mutual banks, credit unions and non-bank lenders. Before starting Nimo in 2016, he spent close to two decades in banking, including as CEO of Plenty Credit Union and in roles at ANZ, NAB and ME Bank.What we discussWhy living the “CEO killer” problem of fragmented core banking as a mutual bank CEO shaped how Nimo builds its platformHow Nimo has stayed 100% self-funded for close to a decade Why Nimo dropped the word “startup” for “scale up” internally, and how that shift changed hiring standardsHow South West Slopes Credit Union used Nimo to drive its open banking and CDR strategyHow one mutual bank client went live on Nimo's platform in five to six weeks and a regional bank hit 30% growth and landed national exposureWhy critical thinking, not competency-based interviewing, is now Nimo's deciding hiring factorWhy Nimo is opening the door to outside investment after a decade of bootstrappingTimestamps00:00 Introduction 02:32 Understanding Nimo's Banking Solutions05:45 The Journey of Building Nimo Industries12:48 Addressing Regulatory and Technology challenges in Mutual Banks18:45 Building Trust with Mutual Banks21:51 Talent Acquisition Strategies in a Competitive Market29:07 Navigating Growth and Recruitment Challenges32:25 Lessons Learned from a Decade of Business34:38 The Importance of Resilience and Adaptability36:36 Cultural Fit in Scaling Teams38:08 The Role of Mindset in Organizational Success43:53 Navigating Change and Embracing AI47:45 Opportunities for NimoLinks & resourcesPeter Jones LinkedIn: https://www.linkedin.com/in/peterjonesaust/Nimo Industries website: https://nimoindustries.com/Nimo Industries LinkedIn: https://www.linkedin.com/company/nimoindustries/Send us Fan MailConnect on with Dexter Cousins on LinkedinHire Exceptional Fintech TalentSubscribe on LinkedIn