Key highlights
Judo Bank, Chief Economist, Warren Hogan spoke about how the dynamics of Australia’s economy has fundamentally shifted since Covid-19, with forecasting methods needing to be updated accordingly, including interest rates. On inflation, he told us that we’re not going through a wage price spiral, but rather we’re in a productivity doom loop.
Richard Wormald, Division President - Australasia, Mastercard presented some very interesting technology, financial and digital initiatives to improve inclusion. He reflected on different examples such as Mastercard helping Ukrainians in Poland using rich data and facilitating Ukrainian capital to support Poland’s economy.
During the session ‘Leading the Fight Against Fraud & Scams’, Truyu Managing Director, Melanie Hayden noted how 54 percent of their users who have had one instance of identify fraud, have been scammed at least one other time. The data also indicated an average of eight data breaches per customer.
Our cyber panel - Jacqui Kernot, Vice President, Thales; Feyi Akindoyeni, Founding Partner, Communications, SEC Newgate & Heidi Hutchison, Acting Assistant Director General Cyber Uplift, Australian Signals Directorate - highlighted that Australia is increasingly a target for cyber-attack, agreeing that Australians value trust and relationships but things like deep fakes and phishing are impacting our ability to trust each other.
Wendy Mackay, Program Director - Digital Sustainable Finance, Digital Finance CRC explored the intersection of innovation & sustainability, discussing how four of the top five global economic risks over the next decade are related to nature and climate, according to the World Economic Forum. We heard how finance firms need to position themselves as winners in the economic and energy transition, by maintaining a sustainable and competitive advantage.
Our member hotseat saw some of our key industry representatives reflect on the big issues including regulatory changes, technology advancements and risks, and growth opportunities. Our hotseat guests - Wayne Tower ( Iqumulate), Suzie Koeppenkastrop (DLL), Paul Yap (Toyota finance Australia), Liesl Knox (Branded Financial Services), Katie Haywood (CustomFleet) and Abhishek Bansal (Prospa) shared their thoughts on the big opportunities and the risks for the subsectors in the industry.
In his speech, the Hon. Stephen Jones MP, Assistant Treasurer & Minister for Financial Services emphasised how well-functioning credit markets are crucial to economic growth and helping people reach their aspirations. Furthermore, the Minister committed to a workable Consumer Data Right (CDR) regime, acknowledging the potential regulatory burden as it is extended to the non-bank-lending sector.
The Hon Luke Howarth MP, Shadow Assistant Treasurer & Shadow Minister for Financial Services reflected on the ongoing economic, cost of living, and housing challenges. He affirmed the Coalition’s commitment to boosting productivity for both businesses and Australians, while recognising the vital role of the finance sector in stimulating the economy and supporting business growth.
Leading the charge, Nigel Marsh, bestselling author spoke candidly on the key traits for a successful business leader. He explained how good leaders have a steadfast focus on the basics and can clearly and concisely articulate the purpose of their business, prioritising quality communication with their employees and are deeply committed to unlocking the creativity within their teams. He reminded us all, that the secret to true leadership, and to being human, is embracing our limitations and learning to enjoy the process.
Gerard Florian, Group Executive Technology & Group Services, ANZ & Duncan Taylor, General Manager, Financial Services Industry - ANZ, Microsoft shared their experiences on adopting AI innovation to reshape the customer experience. Gerard stated that there are no short cuts, and that ANZ is taking a measured step.
Talking international insights and key learnings, Mario Rehayem, CEO, Pepper Money ANZ; Diane Tate, CEO, AFIA; Lyn McMoran, CEO, Financial Services Federation & Leigh Lytle, CEO, Equipment Leasing & Finance Association discussed how lenders are facing different economic and regulatory conditions across the U.S., New Zealand and Australian markets, and spoke on the importance of collaboration of industry associations globally.
Lastly our ‘What's Happening Tomorrow’ panel with Joel Lipman, Partner, Financial Services, Deloitte; Michelle Levy, Partner, Allens & Doug Nixon, Oceania Banking & Capital Markets, EY discussed younger generations increasingly managing finances through multiple providers and how Consumer Data Right (CDR) is shaping the future of financial relationships. Joel, mentioned that AI and CDR are providing great opportunities for non-bank lenders, enabling a true competitive edge. The panel stressed that ethical and regulatory considerations should be prioritised to ensure AI-driven lending models deliver fair outcomes for both lenders and consumers, especially in terms of transparency and consumer protections.